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Junk: Enerflex prices; Venator plunges; Twitter down; cruise names CDS spreads widen
By Paul A. Harris and Cristal Cody
Tupelo, Miss., Oct. 6 – In the junk bond primary market on Thursday, Enerflex Ltd. priced a $625 million issue of 9% five-year senior secured notes (B2/BB-/BB-) at 90.676 to yield 11½%.
Venator Materials plc’s bonds traded off 20 points Thursday on the back of pre-released third-quarter numbers that took everyone by surprise, a trader said.
The company’s 5¾% senior notes due 2025 (Caa1/CCC+), issued by Venator Materials LLC, were offered at 49, and it feels like they will continue to slide lower, the trader said.
Twitter Inc.’s 5% notes due 2030 (Ba2/BB+) were down 1 point-plus Thursday on news reports that Apollo and Sixth Street were no longer in talks to provide financing for the buyout, a source said.
The bonds went out the door at 98½.
The cruise line space also continued to see heavy pressure this week.
Carnival Corp.’s paper softened Thursday, while its credit default swaps spreads widened more than 550 basis points for the week.
Carnival’s 6% notes due 2029 (B3/B) fell about 2¼ points.
Royal Caribbean Group’s new 9¼% senior notes due 2029 (B3/B+) also weakened along with its CDS spreads.
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