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Enviva bonds continue revival; DISH notes rack up gains; iHeartCommunications improves
By Cristal Cody
Tupelo, Miss., Nov. 14 – Enviva Partners, LP’s newly distressed 6½% senior notes due 2026 (Caa2/CC/CC) took back 9 points in heavy secondary trading that put it among the most active and higher-rated junk paper on Tuesday.
The bonds were quoted at 53 bid on $28.44 million of volume, a source said.
Enviva’s notes climbed over 6 points on Monday.
Other than DISH Network Corp.’s distressed 7¾% senior notes due 2026 (Caa2/B-), Enviva’s issue was the only Caa2-rated paper leading junk secondary supply over the session, a source said.
The notes were up 1¼ points at 62¼ bid on more than $17 million of paper traded.
Stocks shot higher, while Treasury yields slid following the release of softer-than-expected October inflation data.
Tuesday’s market swings were “100%” due to the Consumer Price Index report, a desk source said.
Meanwhile, the trailing 12 months’ U.S. high-yield default rate rose to 3.1% in October, its highest level since April 2021, Fitch Ratings reported.
In other corporate bonds, iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/CCC+) rose over 2 points to 63 bid, a source said.
Trading totaled $11.1 million.
iHeartCommunications’ 6 3/8% senior secured notes due 2026 (B1/B+) climbed 1¾ points to head out at 81¾ bid on $7 million of secondary action.
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