Junk secondary closes quarter strong; Howard at a premium; Earthstone adds; Uniti jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 30 – The dollar-denominated junk bond primary market turned out $2.26 billion of issuance on the week, an altogether lackluster volume compared to the previous week’s $6.63 billion.

Friday brought the first half of 2023 to a conclusion having generated $93.6 billion of issuance, up a hefty 34%, year over year.

Meanwhile, the secondary space closed the final day of the second quarter on strong footing with buyers active in the space following the latest macro data.

The cash bond market was lifted ¼ to ½ point with the CDX index surging as much as 1 point midsession before losing some steam into the close.

Howard Midstream Energy Partners, LLC’s new 8 7/8% senior notes due 2028 (B3/B+) were putting in a solid performance in the aftermarket with the notes trading at a healthy premium to their issue price.

Earthstone Energy Holdings, LLC’s recently priced 9 7/8% senior notes due 2031 (B3/B+/B+) were on the rise under the strong market conditions after initially falling flat in the aftermarket.

Uniti Group LP’s 6½% senior notes due 2029 (Caa2/CCC) had strong buying interest on Friday with the notes the largest gainers of the session.

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