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Primary wraps roadshows, plus two drive-bys; Townsquare outperforms; PBF at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Dec. 17 – With an eye on the looming end of 2020, the junk bond primary cleared out its active calendar on Thursday and two issuers appeared with drive-by deals, marking an active Thursday in a market that is seemingly not quite ready to go dormant.
Meanwhile, the secondary space remained firm on Thursday with optimism surrounding a stimulus package pushing an already tight market tighter.
While trading activity remained focused on the new paper in the market, other secondary activity was picking up as accounts raised cash in preparation for 2021, which is also expected to be an active year, a source said.
The majority of new paper continued to perform well.
Townsquare Media, Inc.’s 6 7/8% senior secured notes due 2026 (B2/B) outperformed with the notes jumping to a 103-handle.
PBF Holding Co. LLC and PBF Finance Corp.’s 9¼% senior secured notes due May 15, 2025 (Ba3/BB/BB) were active following an add-on and trading at a premium to their reoffer price.
While the majority of deals to hit the aftermarket continued to trade up, 99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa1/B-) fell flat, although volume in the name was light.
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