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Starwood prices; junk secondary ‘orderly’ under selling pressure; Ford improves; DISH volatile
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 1 – The first new deal of the week cleared the domestic high-yield primary market on Wednesday with the recent volatility in junkbondland stunting the new issue pipeline.
Starwood Property Trust, Inc. priced a $400 million issue of three-year senior sustainability-linked bullet notes (Ba3/BB+) in a drive-by.
While the short duration of the notes made it attractive despite a 3-handle, the notes were stuck at par on the break.
While the secondary market opened the day with gains of 1/8 to ¼ point, it closed the day down ½ point.
The Omicron Covid-variant was blamed for Wednesday’s sell-off.
While longer-duration, rate-sensitive names remained hard hit on Tuesday, trading volumes remained low with the selling activity orderly.
Activity remained concentrated in large, liquid issues.
Ford Motor Co.’s 3¼% senior green notes due 2032 (Ba2/BB+/BB+) were active with the notes gaining strength as the session progressed, in contrast to the overall market.
DISH DBS Corp.’s 5¾% senior secured notes due 2028 (Ba3/B+) were also improved in active trading. However, the notes closed the day well off their highs.
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