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Morning Commentary: Junk slips in early going; Aston Martin notes drop post-earnings
By Paul A. Harris
Portland, Ore., May 1 – As May got underway, the high-yield bond market slipped by 1/8 of a point to ¼ of a point, according to a New York-based trader who fielded a phone call at mid-morning.
The Aston Martin Lagonda Global Holdings plc 10% senior secured notes due March 31, 2029 (B3/B-/B) were down a point, wrapped around 97, after the U.K.-based luxury car-maker posted big losses on its earnings call, the trader said.
The $960 million tranche priced at par on March 13.
The company said it lost £110.5 million in the first quarter of 2024, surpassing analysts’ expectations of £93 million, and nearly double the £57.3 million loss Aston Martin sustained in the 2023 first quarter.
The company’s revenue fell 10%, while net debt increased 20%.
Among recent issues, the Harvest Midstream I, LP 7½% senior notes due May 15, 2032 (B1/BB-/BB-) traded at par ¼ on Wednesday morning, unchanged, the trader said.
The $500 million issue came at par on Monday.
Among a burst of recent European new issues, the Verisure Holding AB 5½% senior secured notes due May 15, 2030 (B1/B+) were par ¼ bid, par ¾ offered at midday Wednesday in London, according to a market source there.
The €525 million issue priced at par on Tuesday.
Fund flows
High-yield ETFs sustained $162 million of daily cash outflows on Tuesday, according to a market source.
Actively managed high-yield funds saw $55 million of inflows on the day.
With only Wednesday’s cash flow numbers remaining to go into the tally the combined funds are tracking $13 million of net outflows for the week that will conclude with Wednesday’s close, according to the market source.
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