VistaJet flies in and out of junkland; Vermilion at a premium; Grubhub rebounds; Post down

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 20 – Junk bond issuers apparently cannot exit the market fast enough during the April 18 week with a second issuer announcing a two-day deal and then bookrunners working double-time to get them through the potentially volatile space in one day.

VistaJet launched its deal with announced Thursday pricing, but managed to get booked on a direct flight out on Wednesday, instead.

Meanwhile, the secondary market was firmer, but volume remained thin as investors digest the latest earnings reports for clues about the impact of inflation on fundamentals.

While Netflix Inc.’s equity cratered 35% following earnings on Wednesday, its split-rated senior notes were unchanged in light volume.

Vermilion Energy Inc.'s recently priced 6 7/8% senior notes due 2030 (B3/BB-/BB-) were in focus with the notes trading at a premium to their discounted issue price.

Grubhub Inc.’s 5½% senior notes due 2027 (Ba3/BB) were on the rebound after dipping the previous session.

While the overall market firmed on Wednesday, Post Holdings, Inc.’s 4½% senior notes due 2031 (B2/B+) had some selling pressure that drove the notes to a new all-time low.

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