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Landsea joins junk bond calendar; Aston Martin, Vital Energy improve; Hertz lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 18 – Landsea Homes Corp. caught the attention of the U.S. junk bond market with a two-day roadshow that started Monday.
Meanwhile, it was a quiet but firm day in the junk bond secondary space with the market cautiously optimistic ahead of Wednesday’s Federal Open Market Committee announcement, a source said.
The cash bond market added about 1/8 point.
However, trading volume was thin with many on the sidelines until the Fed announcement.
New and recent issues remained active with some improving with Monday’s firmer tone.
Vital Energy Inc.’s 7 7/8% senior notes due 2032 (B2/B) continued their upward momentum with the notes now trading on a 101-handle.
Aston Martin Capital Holdings Ltd.’s 10% senior secured notes due 2029 (B3/B-/B) also continued to rise with the notes breaking above a 101-handle.
Outside of new and recent issues, topical news drove some outstanding issues into the spotlight.
PGT Innovations, Inc.’s 4 3/8% senior notes due 2029 (B1/B+) were slightly stronger as the company’s shareholders voted to approve the company’s acquisition by Miter.
Hertz Corp.’s 5% senior notes due 2029 (Caa1/B+) were lower after the resignation of the company’s chief executive officer.
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