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Builders FirstSource, Shea Homes trade up; Match, Parsley Energy flat; Uniti comes in
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 7 – The domestic high-yield primary market rounded out an active week quietly with the calendar thin heading into the Feb. 10 week.
The secondary space was also quiet with the market weak as equities and crude oil futures traded off.
Match Group’s newly priced 4 1/8% senior notes due 2030 (expected ratings Ba3/BB) were among the most actively traded issues in the secondary space. However, the notes were largely stuck at par.
Parsley Energy LLC’s 4 1/8% senior notes due 2028 were also largely wrapped around par in secondary market activity.
Of the deals to price during Thursday’s session, Builders FirstSource Inc.’s 5% senior notes due 2030 (B3/BB-) outperformed with the notes trading well above their issue price.
Shea Homes’ 4¾% senior notes due 2028 (B1/BB-) were also trading at a premium in secondary market activity.
While Uniti Group Inc.’s 7 7/8% senior notes due 2025 (Caa1/CCC/B) were trading well above their issue price on Thursday, the notes tumbled back down towards par in high-volume activity on Friday.
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