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Junk primary sidelined, but open; Odeon cracks, AMC falls; Newell scrapes bottom
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 20 – The primary market remained sidelined on Thursday, with virtually no one forecasting a regeneration of vigorous high-yield new issue activity in the near term.
Meanwhile, it was a weak day in the secondary space as Treasury yields continued their upward march with the 10-year Treasury yield hitting its highest level in 14 years.
The market was soft amid the rise in rates with rate-sensitive and CCC names feeling the brunt of the pressure.
However, there was no panic with the cash bond market off 1/8 to ¼ point and still retaining some gains on the week, a source said.
Carnival Corp.’s recently priced 10 3/8% senior priority notes due 2028 (B2/B+) were nominally improved on Thursday with the notes inching higher above their discounted issue price.
However, Odeon Finco plc’s (AMC Entertainment Holdings, Inc.) 12¾% senior secured notes due 2027 (B3/B) cracked on Thursday with the notes now trading 5 points below their deeply discounted issue price less than one week after breaking for trade.
AMC’s senior notes were among the largest losers of Thursday’s session with the struggling movie chain operator’s capital structure falling 3 to 5 points in active trading.
Newell Brands Inc.’s 6 5/8% senior notes due 2029 (Ba1/BBB-/BB+) continued their downward trend with the notes falling to their lowest level since pricing.
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