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Junk trading firms, CCC credits lifted; Carvana revs up; McAfee bounces back; Uber lifts
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 3 – While the domestic high-yield primary market remained dormant on Tuesday, the European primary market generated some news with Kepler SpA marketing a €345 million offering of seven-year senior secured floating-rate notes (B3/B-).
Meanwhile, after more than one week of selling pressure, the secondary space firmed with the cash bond market up ¼ point as the market prepares for the Federal Reserve’s Wednesday announcement.
Recession jitters fueled selling in the market for the past week; however, buyers were stepping in during Tuesday’s session.
Exchange-traded funds, who had been a driving force of the selling pressure, were buyers on Tuesday and circulating several offers-wanted-in-competition lists, a source said.
Several badly battered CCC credits were lifted as the market firmed.
Carvana Co.’s 10¼% senior notes due May 2030 (Caa2/CCC) continued to improve in high-volume activity with the notes climbing to a 98-handle.
Condor Merger Sub, Inc.’s (McAfee Corp.) 7 3/8% senior notes due 2030 (Caa2/CCC+) saw a minor reprieve with the notes up more than 1 point after hitting an all-time low on Monday.
Uber Technologies, Inc.’s 4½% senior notes due 2029 (B3/B-) were also on the rise ahead of the ride sharing company’s earnings report.
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