Primary quiet; Frontier improves; Coinbase weakens; Twitter decline continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 16 – The high-yield primary remained quiet on Monday.

The most recent new-issue news came Friday in Europe where there was an €850 million two-part placement of senior secured notes due May 2029 (Ba3//BB) that came in support of the capitalization of Spanish soccer organization La Liga (Loarre Investments Sarl) by CVC Capital Partners.

The most recent dollar deal came a week ago when Frontier Communications Holdings, LLC priced $1.2 billion, the only deal to clear the new-issue market in over two weeks.

Meanwhile, it was also a relatively quiet session in the secondary space with the market flat after hitting fresh lows the previous week.

Frontier Communications Holdings, LLC’s 8¾% first-lien secured notes due 2030 (B3/B/BB+) improved in high-volume activity with the notes returning to their previous levels after growing soft in the market volatility of the previous week.

Coinbase Global, Inc.'s senior notes (Ba1/BB+) were again weaker after staging a remarkable rebound during Friday’s session.

Twitter, Inc.’s senior notes (Ba2/BB+) continued to slide as the prospects for an Elon Musk takeover grow increasingly dim.

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