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Earthstone drives by with $500 million; junk bond cruise names better; OneMain improves
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 27 – Earthstone Energy Holdings, LLC priced Tuesday’s domestic junk bond issue, a drive-by for $500 million.
Meanwhile, the secondary space was quiet yet firm on Tuesday with the cash bond market closing the day with a ¼ point gain after a flat open.
Market sentiment improved with buyers returning to the space as rate and recession concerns faded.
While new issues and earnings-related news drove trading volume on Tuesday, the broader market was slow with activity expected to continue to dwindle with many taking a long weekend for July 4, sources said.
It was a cruise-centric day in the secondary space.
Viking Cruises Ltd.’s new 9 1/8% senior notes due 2031 (Caa1/B-) were a touch stronger after making nominal gains on the break.
Carnival Corp.’s senior notes continued to move post-earnings with the notes lifted ¼ to ½ point in active trade on Tuesday.
OneMain Finance Corp.’s recently priced 9% senior notes due 2029 (Ba2/BB) improved alongside the broader market with the notes trading with a premium after largely trading flat since hitting the secondary space the previous week.
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