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Xerox prices ‘blowout’ junk deal; CoreCivic surges; New Fortress adds; Rithm fades
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 6 – The dollar junk bond market had Xerox Holdings Corp. as its sole issuer on Wednesday.
Meanwhile, it was a largely sideways day in the secondary space with Federal Reserve chair Jerome Powell’s congressional testimony doing little to move the needle in markets.
Powell’s mantra was unchanged in front of Congress with Powell affirming that rate cuts would begin in 2024 but Federal Reserve officials would continue to exercise caution until they were certain inflation would return to their 2% target.
The market’s response was underwhelming although the cash bond market did squeak out nominal gains, a source said.
New issues remained in focus with the deals to price during Tuesday’s session following different trajectories.
CoreCivic, Inc.’s 8¼% senior notes due 2029 (Ba2/BB-) surged on Wednesday after a strong break as buyers chased the notes into the secondary with allocations tough.
New Fortress Energy Inc.’s 8¾% senior secured notes due 2029 (B1/BB/BB-) continued to add on Wednesday with the notes trading with a hearty premium although they remained on a par handle.
However, Rithm Capital Corp.’s 8% senior notes due 2029 (B3/B-) sank further below their discounted issue price.
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