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Junk falls post-CPI; CNX under water; Newell weakens; Royal Caribbean gives back gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 13 – The dollar-denominated new issue market sat idle on Tuesday amid the flight from risk sparked by a hotter-than-expected Consumer Price Index report.
While quiet on Tuesday, all eyes will be on Picard Midco, Inc.’s 4 billion offering of 6.5-year senior secured notes backing the buyout of Citrix Systems Inc.
The notes were heard to be playing to solid demand at initial price talk with pricing expected next Monday.
Meanwhile, the rally in the secondary space came to an abrupt end.
While the market was firm heading into the reading, it crumbled afterwards with the cash bond market falling more than 1 point and the CDX index more than 1.5 points.
CNX Resources Corp.’s 7 3/8% senior notes due 2031 (B1/BB/BB+) struggled under the heavy market conditions with the notes falling below par after trading with a slight premium on the break.
Newell Brands Inc.’s two tranches of split-rated notes (Ba1/BBB-/BB+) were weaker in active trading although the notes held onto some of their gains.
Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) gave back recent advances from the previous session with the notes returning to a par-handle after shooting up to a fresh high on Monday.
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