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Ball, Spirit Airlines price; Spirit Aero outpaces; Nielsen; Coinbase’s junk bonds suffer
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 9 – Drive-by issuers Ball Corp. and Spirit Airlines, Inc. priced new paper in the junk bond market on Wednesday.
Meanwhile, it was a heavy day in the secondary space with the cash bond market down ½ to ¾ point as the meltdown in crypto dragged down broader markets.
News that crypto exchange Binance was walking away from its acquisition of FTX “hit the whole market going out,” a source said.
However, despite the rough tape, new and recent deals were performing well in secondary activity.
Spirit AeroSystems Inc.’s new 9 3/8% senior secured first-lien notes due 2029 (Ba2/BB-) outperformed on Wednesday with the notes rising to a 101-handle as the broader market fell.
While the notes closed well off the high of the day, Neptune BidCo US Inc./Nielsen Holdings plc’s 9.29% senior secured notes due 2029 (B2/B/BB) maintained a premium to their heavily discounted issue price.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) were largely unchanged in active trading with the notes also holding above their discounted issue price.
Outside of new paper, Coinbase Global, Inc.’s senior notes (Ba2/BB) continued their downfall as FTX’s demise cast doubt over the crypto exchange’s future.
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