Coinbase recoups losses in junkland; MicroStrategy on the rise; Twitter falls

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 13 – While the domestic high-yield primary market remained dormant on Friday with the forward calendar empty, the European market remained active.

Loarre Investments Sarl priced €850 million of seven-year senior secured notes (Ba3//BB) in two tranches.

Meanwhile, the secondary space firmed on Friday after a brutal week with the market up about 1/8 point.

However, returns remain below the negative 10% threshold, marking the worst performance for the asset class year to date in history, according to a BofA Global Research report.

Notes with exposure to Bitcoin were on the rise on Friday as the crypto-currency continued to rebound after a flash crash on Wednesday drove it down nearly 10%.

Coinbase Global, Inc.'s senior notes (Ba1/BB+) staged a remarkable recovery on Friday with the notes paring their steep losses from earlier in the week.

MicroStrategy Inc.’s 6 1/8% senior notes due 2028 (Ba3/B-) also outperformed on Friday with the notes up more than 5 points after hitting an all-time low the previous session.

While Friday marked a strong day for risk assets, Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) were trading down with the social media company’s capital structure taking a hit after Elon Musk announced his takeover bid was on hold.

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