Evergreen returns some gains; Caesars’ junk bonds still active; Medical Properties falls

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 27 – New business in the junk bond primary market was generally suspended on Friday, likely until Wednesday.

Meanwhile, the secondary space was unchanged to slightly weaker with December’s consumer price expenditure report doing little to move the needle in the cash bond market, a source said.

Trading activity was muted with new issues and topical news the main movers of the market.

Evergreen AcqCo 1 LP/TVI, Inc.’s (Savers Value Village) 9¾% senior secured notes due 2027 (B2/B) were the most actively traded issue of Friday’s session with the notes returning some gains after a strong break, although they continued to trade with a healthy premium to their discounted issue price.

Caesars Entertainment Inc.’s 7% senior secured notes due 2030 (Ba3/B) continued to trade in heavy volume although with little movement in price as the notes leveled off.

Medical Properties Trust Inc.’s senior notes (Ba1/BBB-) were under pressure in active trade after a short-seller report accused the health care real estate investment trust of operating a revenue round-robin scheme.

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