Royal Caribbean, Ford losses mount in junk trading; Bausch mixed on exchange offer

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 31 – The final day of August 2022 passed in relative quiet on the new issue bourse.

Meanwhile, the secondary space saw its fourth consecutive day of losses with ETF selling continuing to drag down the market, a source said.

There was an uptick of activity in the secondary space with end-of-month repositioning and topical news continuing to drive trading activity.

Losses continued to mount for Ford Motor Co.’s recently priced 6.1% senior green notes due 2032 (Ba2/BB+) and Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B), which both hit new lows during Wednesday’s session.

Bausch Health Cos. Inc.’s capital structure was mixed after the struggling pharmaceutical company launched a $4 billion exchange offer for 11 of its senior notes.

Bausch’s 9% senior notes due 2025 and 9¼% senior notes due 2025 made large gains on the exchange offer with the notes given acceptance priority.

However, other notes included in the exchange offer with lower acceptance priority saw large losses.

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