Venture Global drives by junkland; Transocean at a premium; Medline rally pauses

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 10 – There was drive-by action in the high-yield bond primary market for the second consecutive day, on Tuesday. Venture Global Calcasieu Pass, LLC utilized market conditions for a pass.

Meanwhile, the lift-a-thon in the secondary space took a breather with the cash bond market flat after the strong new-year gains from the market upping its bets on a relaxation in the Federal Reserve’s rate hike schedule.

New paper was in focus with Transocean Titan Financing Ltd.’s 8 3/8% amortizing senior secured notes due 2028 (B2/B-) dominating the tape and trading at a strong premium to the issue price.

Medline Industries Inc.’s junk bonds remained active but were unchanged after a strong rally since the start of the year.

Coinbase Global, Inc.’s junk bonds (Ba2/BB) were on the rise in heavy volume as the crypto exchange enacted fresh cost-cutting measures, including the elimination of 20% of staff.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.