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AMC Networks soars; Atlas Air falls to 96-handle; AA, Wynn junk bonds under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 17 – As inflationary data piled up in the middle of February, for the first time in 2023 the Feb. 13 week saw the dollar-denominated high-yield new issue market skunked.
No deals were priced and none were announced.
Meanwhile, the secondary space had another volatile session on Friday with the market opening with deep losses but buyers lifting the market into the close.
The cash bond market was off ½ point at the open but saw losses narrow to ¼ to 3/8 point by the close.
However, the heaviness in the market continued to take a toll on recent issues with several of the deals to price the previous week now well below par.
Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, continued their strong downtrend with the notes falling to a 96-handle in heavy volume.
American Airlines, Inc.’s 7¼% first-lien senior secured notes due 2028 (Ba3/B-) also continued to fall with the notes breaking below a 98-handle.
Heaviness returned to Wynn Resorts, Ltd.’s 7 1/8% senior notes due 2031 (B2/B+), which again sank below par in heavy volume on Friday.
While the overall market remained heavy, topical news continued to send outstanding issues soaring with AMC Networks Inc.’s junk bonds (Ba3/BB-) the major gainers of the session.
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