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High yield: Community Health prices; ION Trading gains; Bausch under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me. May 4 – Most of the action in the high-yield primary on Tuesday was tied up in the CHS/Community Health Systems Inc. $1.44 billion single-tranche offering that had a sizeable book in spite of low ratings and a mid-sized coupon.
New paper and earnings reports remained the main catalysts for secondary trading activity.
ION Trading Technologies Sarl’s 5¾% senior secured notes due 2028 (B3/B) were in focus with the notes gaining strength as the session progressed.
TKC Holdings, Inc.’s recently priced tranches of senior notes were also putting in strong performances in the aftermarket.
Away from recent names, high yield bonds demonstrated a reasonable amount of resilience in the face of the heaviness which took hold of equities on Tuesday, sources said.
However price movements in the high-yield sectors, to a certain extent, reflected those of their counterparts in the stock market, one trader said, noting that energy, materials and financials were better, while most of the rest were negative, or at least moderately so.
Particularly in focus outside of new paper, Bausch Health Cos. Inc.’s capital structure was under pressure on Tuesday with the company’s leverage expected to increase after a planned spinoff of one of its business units.
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