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Stena, Crash Champions price; junk calendar grows; Post holds gains; NOVA struggles
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 6 – Crash Champions LLC and Stena International SA each priced one-tranche junk bond offerings in the primary market on Tuesday.
Meanwhile, it was a flat day in the secondary space on Tuesday as markets continued to digest Federal Reserve chair Jerome Powell’s comments about rate cuts.
While the cash bond market was largely unchanged, the tone improved as Treasuries pared losses from the previous session.
The market remained new issue focused with new and recent deals still driving volume in the space.
However, the trend of new paper putting in strong aftermarket performances continued to show signs of waning.
While unchanged on the day, Post Holdings, Inc.’s 6¼% senior secured notes due 2032 (Ba1/BB) held on to the strong gains made on the break.
However, the NOVA Chemicals Corp. 9% senior notes due 2030 (Ba3/B+) struggled with the notes wrapped around their issue price in active trade.
Outside of new and recent deals, Charter Communications, Inc. subsidiary CCO Holdings, LLC’s senior notes (B1/BB-) were back in the spotlight with the notes paring their losses from a post-earnings sell-off the past two sessions.
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