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Junk returns plummet past negative 9%; Endo craters; DISH falls post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 6 – The domestic high-yield primary market remained quiet on Friday with the only deal on the forward calendar withdrawing their offering earlier in the week due to market conditions.
Market conditions remained ugly on Friday with losses continuing to mount.
Friday’s better-than-expected non-farm payroll report helped fuel the flight from risk assets with the numbers supporting the Federal Reserve’s aggressive tightening schedule, a source said.
The cash bond market was off another ¾ point with credit spreads continuing to widen and returns plummeting below negative 9%.
However, trading activity on Friday was extremely thin with the exception of one name.
Endo International plc’s senior notes cratered in heavy volume following the drug maker’s earnings report.
Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) remained active with the notes hitting a new low after almost clawing their way back to par earlier in the week.
DISH Network Corp.’s capital structure was also taking a hit after the satellite broadcaster reported earnings with the company’s senior notes falling 3 to 4 points.
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