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EquiptmentShare.com awaited; junk bond calendar looks ahead; Tenet holds
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 3 – The high-yield bond primary market put a goose egg on Wednesday, although one deal had been expected to price.
A new issue from EquipmentShare.com Inc. was reported as delayed, even as the new issuer calendar added some names.
Meanwhile, the moment the market had been waiting for – the Federal Open Market Committee rate-hike announcement and address by chair Jerome Powell – failed to provide the clarity the market had hoped for.
However, while the secondary space was unable to hold on to its early-day gains, the market closed the day largely flat with indecision still high.
New paper continued to dominate the tape with Tenet Healthcare Corp.’s 6¾% senior secured first-lien notes due 2031 (B1/BB-/BB-) in focus.
Meanwhile, concerns about the stability of the banking sector remained strong on Wednesday as Western Alliance Bancorporation’s capital structure continued to fall with the bank’s 3% senior notes due 2031 (Ba1) falling another 3 points after an 8-point drop the previous session.
Elsewhere, Six Flags Entertainment Corp.’s 7¼% senior notes due 2031 (B3/B) stabilized on Wednesday after heavy selling in the name dragged it to a fresh low the previous session.
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