Junk market sells $4.29 billion; Bausch Health gains; Antero at a premium; Nielsen weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 25 – Junk issuers notched another $4.29 billion on Tuesday, as five issuers priced a total of six tranches.

Meanwhile, it was another sideways day in the secondary space with volume light outside of recent issues.

“No one wants to sell,” a source said.

New paper continued to dominate the tape although with mixed trajectories.

Bausch Health Cos., Inc.’s 4 7/8% senior secured notes due 2028 (Ba2/BB) were putting in a strong performance with the notes trading on a 101-handle.

However, the company’s unsecured tranches continued to trade off.

Antero Midstream Corp.’s 5 3/8% senior notes due 2029 (B1/BB-) were also trading with a healthy premium to their issue price.

However, Nielsen Holdings two-tranches of senior notes (B2/BB) gave up much of their early gains with both tranches falling back to par heading into the market close.

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