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Junk market has three issuers; Superior Plus, CPI, Norwegian, Tronox perform well; ACCO lags
By Paul A. Harris and Abigail W. Adams
Portland, Ore., March 2 – Three issuers sold notes in Tuesday’s junk bond primary market.
All three issues will be used to fund redemptions or tenders for older issues.
Meanwhile, the secondary space was largely unchanged on Tuesday after Monday’s strong performance.
New paper dominated the tape with the deals to clear the primary market on Monday putting in mixed performances.
Superior Plus LP and Superior General Partner Inc.’s 4½% senior notes due 2029 (Ba3) and CPI Card Group’s 8 5/8% senior notes due 2026 (B3/B-) outperformed with both issues trading well above their issue prices.
Norwegian Cruise Line Holdings Ltd.’s new 6 1/8% senior notes due 2028 (Caa1/B-) were also putting in a strong performance in high-volume activity.
While at a premium, Tronox Inc.’s 4 5/8% senior notes due 2029 (B3/B) remained on a par-handle in high-volume activity.
However, ACCO Brands Corp.’s 4¼% senior notes due 2029 (B1/BB-/BB) were well below their issue price.
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