Crescent Energy brings drive-by; Mauser on HY deck, existing notes up; Norwegian adds

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 25 – Crescent Energy brought a drive-by new deal to the junk bond market on Wednesday.

Meanwhile, it was another heavy morning in the secondary space with disappointing earnings from Microsoft dragging down broader markets as investors look to tech earnings to determine if the January rally will last.

While the cash bond market was off about ¼ point early in the session, buyers once again lifted the space midsession with the market closing Wednesday largely unchanged, sources said.

New paper continued to dominate the tape.

Caesars Entertainment Inc.’s 7% senior secured notes due 2030 (Ba3/B) continued their upward trajectory despite the wider weakness with the notes adding about ½ point.

Norwegian Cruise Line’s 8 3/8% senior secured notes due 2028 (B1/BB-) were also lifted after a lackluster start in the aftermarket.

Mauser Packaging Solutions Holding Co.’s 7¼% senior notes due 2025 (Caa2/CCC) were also on the rise in heavy volume after the company launched an exchange for the notes as part of a series of refinancing transactions to address its 2024 and 2025 maturities.

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