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Junk: LGI Homes outperforms; American Air adds; Veritiv struggles; Uber up on refinancing
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 20 – The junk bond primary market put up a goose egg on Monday.
The active calendar was empty at the close of the session.
Meanwhile, the secondary space remained firm on Monday with the cash bond market adding another 1/8 to ¼ point after strong gains in the previous week.
New issue aftermarket performance has varied since pricing tightened after the dramatic post-CPI rate move of last week.
While some issues have performed well and traded with nominal premiums, the majority have struggled and traded below issue prices.
LGI Homes, Inc.’s 8¾% senior notes due 2028 (Ba2/BB-) was an outperformer among recent issues with the notes continuing to gain in active trade on Monday.
American Airlines, Inc.’s new 8½% secured notes due 2029 (Ba2/BB/BB-) were flat on the break but made gains during Monday’s session with the notes now trading at a solid premium to their issue price.
However, Verde Purchaser, LLC’s 10½% senior secured notes due 2030 (B2/B+) backing the buyout of Veritiv Corp. sank lower in active trade.
Uber Technologies Inc.’s 7½% senior notes due 2025 (B1/B+) were on the rise after the company launched a convertible notes offering with proceeds to be used to redeem the 2025 notes.
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