Volvo prices junk euro deal; Macy’s, Victoria’s Secret fall; Nordstrom gains; Twitter down

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 24 – While the domestic high-yield primary market remained dormant on Tuesday, the European market continued to churn out offerings.

Volvo Car AB priced a €500 million issue of 4¼% six-year unsecured green bonds (Ba1/BB+) at a discount on Tuesday.

Tuesday marked another volatile day for the secondary space with the market opening the day in the red but closing with gains with a declining 10-year Treasury yield helping to bolster the space, sources said.

While the overall market gained steam heading into the close, retailers remained among the worst performing sectors in the market.

Victoria's Secret & Co.’s 4 5/8% senior notes due July 2029 (B1/BB-) and Macy's Retail Holdings LLC’s senior notes (Ba2/BB) continued their downward trend on Tuesday with both retailers’ earnings reports fast approaching.

While the retail sector remained under pressure on Tuesday, Nordstrom, Inc. broke the trend with the luxury department store chain’s 5% senior notes due 2044 on the rise after a surprise earnings beat.

Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) saw a fresh round of activity on Tuesday with the notes hovering just above their all-time lows as social media companies come under pressure following an earnings warning from industry peer Snap Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.