Gap hits new low in junkland; Twitter rebounds; Plantronics gains on exchange offer amendment

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 12 – The junk bond primary market was shifting its attention on Tuesday to an upcoming new-issue roadshow for $600 million of bonds from Cornerstone Building Brands, Inc.

Meanwhile, the secondary space was slightly firmer on Tuesday following a weak open with the cash bond market closing the day up 1/8 after starting down 1/8 of a point

While the secondary space ended the day with slight gains, trading activity remained muted as market players awaited the latest Consumer Price Index report and the first wave of second-quarter earnings.

Large, liquid issues and topical news remained the main drivers for activity in the space.

Gap, Inc.’s 3 7/8% senior notes due 2031 and 3 5/8% senior notes due 2029 (Ba3/BB) hit their lowest levels since pricing in September following the ouster of the clothing retailer’s chief executive officer and a downwardly revised earnings forecast.

Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) rebounded in light volume following Monday’s sell-off.

Plantronics Inc.’s 4¾% senior notes due 2029 (B2/B) bounced up to their poison put price after holders successfully forced HP Inc. to up the consent solicitation payment in its exchange offer.

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