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New junk deal accelerated, prices early; Tempur Sealy, At Home bounce off lows; DaVita down
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 19 – One new junk bond issuer came to market on Tuesday and priced its new paper a day earlier than expected.
Meanwhile, it was another sideways day in the secondary space with the market flat in thin volume.
However, rate-sensitive names again saw some selling pressure as the rout in Treasuries continued.
The 10-year Treasury yield topped 2.9% on Tuesday for the first time since 2018, settling at 2.941%.
DaVita Inc.’s 4 5/8% senior notes due 2030 (Ba3/B+) continued their downward momentum in active trading on Tuesday after a minor bounce the previous week.
However, Tempur Sealy International, Inc.’s 3 7/8% senior notes due 2031 (Ba2/BB/BB+) were on the rise after hitting an all-time low during the April 11 week.
Ambience Merger Sub, Inc.’s (At Home Group, Inc.) secured and unsecured notes continued to improve on Tuesday after falling the week before.
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