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Frontier notes falls on new offering; Endo losses mount; Party City down double digits
By Abigail W. Adams
Portland, Me., May 9 – Several corporate bond issues fell further into distressed territory on Monday as selling in risk assets intensified as the market prices an aggressive path forward by the Federal Reserve.
Weak earnings have further compounded pressure on weak credits.
Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (B3/B) led losses in the secondary space with the notes falling double digits after earnings.
The 8¾% notes sank 10 7/8 points outright and were wrapped around 75 7/8 heading into the market close, according to a market source. The yield on the notes jumped to 17.831%.
Endo International plc’s senior notes continued to fall in heavy volume after tanking on Friday following earnings.
Endo’s 7½% senior secured notes due 2027 (B3/B-) sank another 2¼ points to close Monday at 77 with a yield of 14.173%, according to a market source.
The 6 1/8% senior secured notes due 2029 (B3/B-) fell another 1 point to 76 with the yield 11.2%.
Frontier Communications Corp.’s senior notes were also taking a hit in active trading as the telecommunications company prepped a new offering.
Frontier’s 6% senior notes due 2030 (Caa2/CCC+) sank 6½ points to 80½.
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