New junk paper: Caesars, PRA Group gain in heavy volume; Garda holds strong premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 24 – Tuesday was quiet in the junk bond primary sector, one day after a busy Monday.

Meanwhile, the secondary space closed a largely sideways day with a firm tone with the market shrugging off some weakness early in the session to end the day flat to nominally improved, a source said.

While the broader space was largely flat, new paper remained in demand with the issues to price during Monday’s session putting in strong aftermarket performances.

Caesars Entertainment Inc.’s 7% senior secured notes due 2030 (Ba3/B) continued to add after a strong break with the notes closing Tuesday on a 101-handle.

The new issue sparked activity in Colt Merger Sub Inc.’s senior notes, which were issued to finance Eldorado’s acquisition of Caesars.

PRA Group, Inc.’s 8 3/8% senior notes due 2028 (Ba2//BB+) were also on the rise on Tuesday with the notes adding to the gains made on the break.

Garda World Security Corp.’s 7¾% senior secured notes due 2028 (B2/B) held on to the strong gains made on the break in heavy volume on Tuesday.

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