Junk selling accelerates; LifePoint, Worldpay, Shelf Drilling fall; Carnival lower post-earnings

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 3 –Selling accelerated in the junk bond secondary space as Treasury yields continued to climb.

The latest JOLTS report rattled the market with an unexpected growth in job openings fueling expectations for an additional rate hike.

In trading on recent issues, losses continued to mount for LifePoint Health Inc.’s 11% senior secured notes due 2030 (B2/B), which broke below a 98-handle on Tuesday.

GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay sank further underwater in heavy volume.

And Shelf Drilling Holdings Ltd.’s 9 5/8% senior secured notes due 2029 (B3/B-/B), a strong performer until Monday’s session, was driven well below the issue price in active trade.

Outside of recent issues, Carnival Corp.’s senior notes were lower in active trade following the recent release of earnings.

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