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Junk bonds open week with losses; Ford, Royal Caribbean under water; Charter down again
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 22 – The primary market sat idle on Monday as risk-aversion came roaring back to take hold of the global capital markets.
The fortnight leading up to the extended Labor Day holiday weekend is typically a quiet period in the high-yield bond market, especially the new issue market, as syndicate workers head for mandatory two-week vacations, and other market participants stage for holidays ahead of the beginning of the school year.
Meanwhile, the secondary space opened the week with losses with the cash bond market down ¾ point as the market reassessed the Federal Reserve’s rate hike schedule.
While the market was under pressure, trading volume remained thin with late August illiquidity setting in.
The strong performance of several recent deals came to a halt amid the downturn in the market.
Ford Motor Co.’s 6.1% senior green notes due 2032 (Ba2/BB+) and Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) sank below their issue prices in active trading.
Charter Communications, Inc. subsidiary CCO Holdings, LLC’s 6 3/8% senior notes due 2029 (B1/BB-) were also driven further below par amid the weak market conditions.
Outside of recent issues, Bausch Health Cos. Inc.’s junk bonds (Caa2/CCC) were under pressure following news of an internal asset transfer and the hiring of advisers to explore strategic alternatives.
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