Junk: Neogen prices; Cano Health gains on buyout speculation; CCC credits pressured

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 6 – Neogen Corp.’s junk bond deal that was expected to price on Wednesday did indeed make it safely through the space and off the calendar.

Meanwhile, it was another quiet day in the secondary sector with trading volume thin despite some volatility in Treasuries surrounding the release of the Federal Reserve Open Market Committee’s June meeting notes.

CCC credits, though, continued to underperform as market players position themselves for an economic pullback.

athenahealth Group Inc.’s 6½% senior notes due 2030 (Caa2/CCC/CCC+) and Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) continued to trade near their lows as the broader market firmed.

However, topical news sparked some action in the secondary space.

Cano Health LLC’s 6¼% senior notes due 2028 (Caa2/CCC+), a small, illiquid issue rarely on the tape, jumped in heavy volume amid speculation the company may be a takeover target.

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