BellRing returns in junkland; rate-sensitive names up; Endo drops, New Fortress improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 1 – The domestic high-yield primary market had one deal clear amid another volatile session.

BellRing Distribution, LLC returned less than one week after postponing a deal and priced a restructured $840 million issue of eight-year senior notes (B3/B).

Meanwhile, selling pressure returned to the secondary space on Tuesday as Russia intensified the military offensive against Kyiv.

The overall market was down ¼ to ½ point as investors again shed risk with geopolitical uncertainty high, sources said.

However, the move firmed up rate-sensitive names which continued to be better bid on Tuesday.

Kraft Heinz Co.’s split-rated 4 3/8% senior notes due 2046 (Baa3/BB+) and Netflix Inc.’s 5 7/8% senior notes due 2028 continued to improve.

Topical and earnings-related news remained a main driver of trading activity.

Endo International plc’s junk bonds sank in high-volume activity after the company reported earnings.

However, New Fortress Energy Inc.’s junk bonds were among the major gainers of Tuesday’s session following an earnings beat.

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