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Four junk issuers price against volatility; Carnival gains; rate-sensitive names lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 5 – Although a volatile session in the stock market provided a less-than-supportive backdrop, four junk issuers nevertheless priced five dollar-denominated tranches during Tuesday's session.
Meanwhile, the rally in the secondary space on Monday was again short-lived as more hawkish comments from Federal Reserve officials sparked a sell-off in Treasuries.
The secondary space was down ½ to ¾ point on Tuesday with rate-sensitive names again leading losses as Treasury yields spiked.
The 10-year Treasury yield climbed to its highest level in three years to settle at 2.554% on Tuesday; the five-year Treasury yield climbed to 2.704%.
Rate-sensitive notes were again under pressure with Charter subsidiary CCO Holdings LLC’s junk bonds and Seagate Technology plc’s 3 1/8% senior notes due 2029 down as much as 1 point in active trading.
Bausch Health Americas Inc.’s 8½% senior notes due 2027 (B3/B) remained active on Tuesday with the notes continuing to trade on a 99-handle.
While the overall market was weak, Tuesday marked a strong session for Carnival Corp.’s junk bonds with the notes on the rise as the company reported record bookings after the C.D.C. lifted its travel warning for cruises.
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