United Wholesale prices; secondary holds as rates jump; BWX on a 101-handle; Parkland up

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 30 – The domestic high-yield primary market saw one deal price during Tuesday’s session.

United Wholesale Mortgage, LLC priced a $700 million issue of eight-year senior notes (Ba3) in a drive-by.

Meanwhile, the secondary space was holding steady on Tuesday even as the 10-year Treasury yield surged as high as 1.76% in intraday activity.

While the market felt soft early in the session with some weak bids, the market held.

Buying activity increased as the session progressed and the 10-year Treasury yield fell to 1.71%, a source said.

However, the market closed the day unchanged.

BWX Technologies Inc.’s 4 1/8% senior notes due 2029 (Ba3/BB) traded up to a 101-handle in high-volume activity.

While Parkland Corp.’s 4½% senior notes due 2029 (Ba3/BB/BB) gained strength heading into the close, they remained on a par-handle.

New Fortress Energy Inc.’s 6½% senior secured notes due 2026 (B1/B+/BB-) remained active on Tuesday with the notes giving back some of their gains.

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