Secondary quiet ahead of Fed; Cleveland-Cliffs, Coinbase bounce off lows; Lumen active

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 14 – The domestic high-yield primary market remained dormant on Tuesday with one deal set to price during Wednesday’s session.

Iris Holdings Inc. is on deck with its $400 million offering of 6.5-year senior notes (Caa2/CCC+) backing the buyout of Intertape Polymer Group Inc. with price talk coming well wide of guidance.

Meanwhile, it was another red day for the secondary space with the cash bond market closing down another ½ point following Monday’s dramatic sell-off.

While the market was again weak, volume was thin as the market awaits the Federal Reserve’s Wednesday announcement.

“Nobody’s doing anything,” a source said.

Several names that hit all-time lows on Monday were on the rise on Tuesday with opportunistic buyers bargain hunting in the space.

Cleveland-Cliffs Inc.’s 4 5/8% senior notes due 2029 and 4 7/8% senior notes due 2031 (B3//B) were on the rise after both tranches hit their lowest level on Monday since pricing in 2021.

Coinbase Global, Inc.’s senior notes (Ba1/BB+) also pared their losses after leading losses during Monday’s session.

Lumen Technologies’ 4% senior notes due 2027 saw heavy volume during Tuesday’s session with the notes slightly softer following Monday’s sell-off.

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