Elis prices in Euro junk primary; Fertitta, Altice rise post-earnings; Coinbase active

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 17 – While the domestic high-yield primary market remained dormant on Tuesday, Europe’s primary market continued to see new deal flow.

France-based Elis SA priced a €300 million issue of 4 1/8% five-year senior bullet notes (Ba2/BB+/DBRS: BBBL) at a discount.

Meanwhile, the secondary space was a mixed bag on Tuesday with several badly battered credits lifted by a strong risk-on sentiment despite continued hawkish comments from Federal Reserve chair Jerome Powell.

While Powell reiterated the Federal Reserve would do what it deemed necessary to curb inflation, the market has already priced in 50-basis points rate increases in coming meetings, a source said.

Strong retail sales figures and a string of positive earnings announcements helped bolster certain names.

Fertitta Entertainment, LLC’s 6¾% senior notes due 2030 (Caa2/CCC+) and Altice Financing SA’s 5¾% senior secured notes due 2029 (B2/B) made strong gains after better-than-expected earnings results.

Coinbase Global, Inc.'s senior notes (Ba1/BB+) continued to see heavy volume with the notes inching higher after some weakness the previous session.

© 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.