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Crown Americas prices; Carpenter holds on weak day; Occidental down with oil; Macy’s sinks
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 14 – Crown Americas LLC appeared to get a good execution on what one trader characterized as the worst day in high-yield in a long time, with some sectors down two points to three points, and not a lot of offers out there on Monday.
Crown priced a $500 million issue of eight-year senior bullet notes (Ba3/BB-) at par to yield 5¼% in a Monday drive-by.
Meanwhile, selling pressure resumed in the secondary space with the cash bond market down ¾ to 1 point as credit spreads continued to widen with the 10-year Treasury yield climbing over 145 bps in a single session.
The market is widely expecting a 25 bps rate hike on Wednesday; however, there is growing anxiety about the future course of monetary policy and its impact on the economy.
While the overall market was weak on Monday, Carpenter Technology Corp.'s 7 5/8% senior notes due 2030 (B2/BB+/BB) continued to hold at par although they gave back their early gains.
Occidental Petroleum Corp.’s 3½% senior notes due 2029 (Ba2/BB+) also gave back some of the gains seen since crude futures began their meteoric rise as futures continued to come in during Monday’s session.
Selling in Macy's Retail Holdings LLC’s recently priced tranches accelerated on Monday with the tranches losing more than 2 points in active trading.
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