Hecla Mining trades up; Kraft Heinz downgraded to junk; EQT downgraded again; Uniti gains

By Abigail W. Adams and Paul A. Harris

Portland, Me., Feb. 14 – After a front-loaded week that saw more than $9 billion of issuance clear the domestic high-yield primary market, new deal activity ceased on Friday.

The secondary space was also quiet with the market again moving sidewise in relatively light volume in the run-up to the holiday weekend.

Hecla Mining Co.’s newly priced 7¼% senor notes due 2028 (Caa1/B) were putting in a strong performance in the secondary space with the notes well above their issue price.

Kraft Heinz Foods Co.’s senior notes were trading off in high-volume activity after S&P Global Ratings and Fitch Ratings downgraded the grocery manufacturer to junk.

Kraft is the latest company to achieve fallen angel status.

EQT Corp. is now a fully junk-rated company after its most recent downgrade from Fitch.

The energy company’s recently priced 7% senior notes due 2030 and 6 1/8% notes due 2025 now trade in the mid-80s.

After a volatile start, Uniti Group Inc.’s 7 7/8% senior notes due 2025 (Caa1/CCC/B) continued their upward momentum on Friday, solidifying their position as one of the best performing new deals of the year.

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