Sell-off stymied; Uber in focus; Tesla improves; Boyd Gaming plummets

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 17 – Capital markets saw a minor reprieve on Tuesday following a step up in the policy response to the economic impact of the coronavirus.

The high-grade primary market returned to action on Tuesday in light of the improved outlook and sources were cautiously optimistic that a high-yield issuer may soon step forward and try to get a deal done.

The high-yield secondary space recovered about ½ to ¾ point during the session as equities rebounded from Monday’s carnage, sources said.

However, volume remained light with liquidity still an issue, a market source said.

And the overall gains of the market were not shared equally across sectors with the energy space still in peril as crude oil futures continued to sink further below the $30 threshold.

The gaming sector also continued to suffer.

Boyd Gaming Corp.’s 4¾% senior notes due 2027 plummeted on Tuesday after the Las Vegas-based gaming and hospitality company announced the closure of casinos in four states.

Uber Technologies Inc.’s 8% senior notes due 2026 were in focus but trading largely sidewise after the ride-sharing company announced the suspension of its carpool option.

Tesla Inc.’s 5.3% senior notes due 2025 were improved in active trading after the electric car manufacturer began deliveries of its Model Y vehicle ahead of schedule.

© 2015 Prospect News.
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