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Junk ‘sloppy’ as spreads widen; SVB jumps as creditors organize; DISH, Uniti hit new lows
By Paul A. Harris to Abigail W. Adams
Portland, Me., March 15 – The high-yield primary market remained shuttered on Wednesday as volatility driven by further turmoil in the banking sector continued to stoke risk aversion, sources said.
There was heavy dislocation in markets amid the recent turmoil with high-yield credit spreads, which had been resilient until last week, again blowing out, sources said.
News Credit Suisse’s largest shareholder would not increase its stake sent markets reeling early in the session.
However, the tone improved into the close following news that Swiss authorities would intervene to help stabilize Credit Suisse.
While the tone improved and the cash bond market closed off its lows, it was still down about ¾ point with liquidity a growing concern, sources said.
SVB Financial Group’s senior notes continued to make large gains in heavy volume with the head-scratching trading level for the notes explained by reports that creditors were organizing.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) continued a strong downtrend with the notes hitting a new historical low amid negative topical news and heavy market conditions.
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+) also sank to a fresh low with the high-beta name among those getting hit by the heavy market conditions.
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