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Secondary junk ‘in pain’, erases gains from late May rally; CDK, Maxar, Callon under water
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 10 – Thursday’s four deals were executed in the nick of time before volatility rattled the junk bond primary market again on Friday.
It was a red day in the secondary space to end the week as selling pressure accelerated following May’s Consumer Price Index report.
“A lot of people are in pain,” a source said.
The report’s larger-than-expected increases sparked a reassessment of the Federal Reserve’s rate hike schedule, which drove the cash bond market down more than 1 point.
The deals to price in the flurry of primary activity on Thursday dominated the tape with most sinking below their issue prices.
Univision Communications Inc. 7 3/8% senior notes due 2030 (B1/B+) were the exception with the notes rallying off their lows to close the day above their discounted issue price.
Callon Petroleum Co.’s 7½% senior notes due 2030 (B3/B/B+) and CDK Global Inc.’s (Central Parent Inc./Central Parent Merger Sub Inc.) 7¼% senior secured first-lien notes due 2029 (B1/B+) fell after holding at par on the break.
Maxar Technologies Inc.'s 7¾% senior secured notes due 2027 (B2/B) were down 1 point from issue during Friday’s session.
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