Junk closes busy week quietly; StoneX holds at 101; FirstCash dips; Coinbase adds

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 16 – The junk bond market took a breather on Friday in terms of new deals, ahead of the extended Presidents’ Day holiday weekend.

The week ahead figures to be at least moderately active, a debt capital markets banker said on Friday.

Meanwhile, it was a heavy open for the secondary space on Friday after the latest Producer Price Index report came in hotter-than-expected.

New issues remain the market’s focus and where investors have been putting their money to work.

StoneX Group Inc.’s new 7 7/8% senior secured second-lien notes due 2031 (Ba3/BB-) were putting in a strong performance in the aftermarket with the notes holding a 101-handle despite coming in from their heights.

However, FirstCash, Inc.’s 6 7/8% senior notes due 2032 (Ba2/BB) struggled with the notes giving back their gains on the break and briefly dipping underwater before closing the day wrapped around their issue price.

Outside of new and recent issues, earnings-related news continued to spark some movement.

Coinbase Global, Inc.’s senior notes (B1/BB-) were on the rise after the crypto-trading platform reported a large earnings beat.

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