Skillz prices high yielding bonds; secondary firm post-Fed; Iron Mountain improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 15 – The active high-yield calendar cleared with Skillz Inc. pricing a double-digit yielding issue on Wednesday.

Meanwhile, the secondary space was volatile on Wednesday with the market opening the day flat but ripping after the Federal Reserve’s announcement.

The market closed the day up ¼ to 3/8 point after the Federal Reserve announced it would complete its bond tapering program by March 2022 and penciled in three rate hikes after the completion of its bond tapering program.

“People were expecting a more aggressive posture, but they’re going to be very methodical about how they do things,” a source said.

While the market closed the day strong, volume remained light with recent deals, large liquid issues and topical news the drivers of activity in the space

Iron Mountain Information Management Services, Inc.’s recently priced 5% senior notes due 2032 (Ba3/BB-) remained active in the aftermarket with the notes improving alongside the broader market.

American Airlines Group, Inc.’s 11¾% senior notes due 2025 were down slightly in active trading with the Omicron Covid variant continuing to pressure the reopening trade.

Akumin Inc.’s 7½% senior secured notes due 2028 (B2/B-) were on the rebound on Wednesday after the company provided forward guidance following its acquisition of Alliance Healthcare.

The notes were under pressure during the previous session following earnings.

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