Patagonia discount deepens, Uber, RIG gain post-earnings; Avaya gains steam

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 2 – While the domestic high-yield primary market remained dormant on Tuesday, news surfaced on Patagonia Holdco LLC’s $500 million offering of seven-year non-call-three senior secured first-lien notes (B1/B+).

The deal was heard to be experiencing some pushback with the discount on the notes deepening.

Meanwhile, it was a mixed bag in the secondary space on Tuesday with the CDX index down ½ point but the cash bond market largely unchanged after the market’s strong post-Fed induced rally.

While the market was flat to down, ETFs continued to circulate Offers-Wanted-In-Competition lists as strong inflows continued, sources said.

Earnings remained in focus as market players attempt to gage the state of the economy and the future direction of the market.

Earnings, alongside other economic data, have continued to come in mixed with some credits boosted by large earnings beats while others have tanked.

Uber Technologies, Inc.’s capital structure was on the rise after the ride-sharing company posted record revenue in the second-quarter.

Transocean Inc.’s capital structure also rallied after a strong earnings beat.

Avaya Holdings Corp.’s 6 1/8% senior notes due 2028 (B3/CCC) continued to rebound strongly after plummeting into distressed territory last Friday.

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