New junk deal comes ahead of schedule; OneMain flat; Tap Rock jumps on asset sale to Civitas

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 21 – Summer 2023 got underway in the high-yield primary market amid steady streams of news out of New York and London.

On Wednesday, one dollar-denominated deal priced on an accelerated timeline.

Meanwhile, it was a soft day in the secondary space as markets digested Federal Reserve chair Jerome Powell’s congressional testimony.

The cash bond market was off about ¼ point as Fed officials continued to signal that additional rate hikes were in store.

The market was increasing its bet for a 25 basis points rate increase in July, a source said.

While soft, few were making moves with new paper and topical news the drivers of trading activity in the space.

OneMain Finance Corp.’s 9% senior notes due 2029 (Ba2/BB) were in focus with the notes fighting off a low open to close the day largely flat.

Tap Rock Resources, LLC’s 7% senior notes due 2026 (B3/B) continued to shoot higher in active trade with the company planning to take out the notes with proceeds from its asset sale to Civitas Resources Inc.

Tenet Healthcare Corp.’s senior notes had some selling pressure on Wednesday with several tranches lower in active trade.

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