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Uniti downtrend continues in junkland; Atlas Air falls; Medical Property gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 15 – The junk bond secondary space weakened further on Wednesday with the latest slate of macro data doing little to reignite the post-Fed rally fueled by expectations for a pause or decrease in rates.
A strong retail sales report on Wednesday combined with a still-hot labor market and a Consumer Price Index report that came in above expectations did little to support market optimism that the Federal Reserve had reached the end of its rate hike campaign, sources said.
However, indecision was on display with the market paring losses from a heavy open to close the day flat to down 1/8 point.
The downturn in the market continued to take its toll on recent issues.
The once strong Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc., CSL Capital, LLC’s 10½% senior secured notes due 2028 (B2/B/BB+) continued to trend lower with the notes breaking below a 99-handle in heavy volume on Wednesday.
Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, continued to fall with the notes off as much as 1 point to trade on a 98-handle.
However, Medical Properties Trust Inc.’s senior notes (Ba1/BBB-) were the surprise outperformer on Wednesday with the health care real estate investment trust’s capital structure lifted by a new lease arrangement for its Utah properties.
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