Junk: Citrix in focus, first-lien, second-lien notes gain; Ford improves; Nexstar active

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 6 – As expected, the high-yield primary market remained dormant on Holy Thursday, ahead of a long holiday weekend in the bond market.

Meanwhile, it was a quiet day in the secondary space with the market either side of unchanged as the strong rally from the previous week continued to wane.

Cloud Software Group Holdings Inc.’s (Citrix) 9% second-lien notes due 2029 (Caa2/B-) remained in focus with the notes continuing their strong upward momentum.

Citrix’s 6½% senior secured first-lien notes due 2029 (B2/B) also continued their upward momentum with the notes now trading on an 89-handle.

Ford Motor Credit Co. LLC’s new 6.8% senior notes due 2028 (Ba2/BB+/BB+) improved on Thursday after a lackluster start in the aftermarket.

Nexstar Media Group Inc.’s 5 5/8% senior notes due 2027 (B2/BB+) also added in active trade after an S&P Global Ratings upgrade and revised recovery ratings.

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