ZipRecruiter prices; Golden Nugget junk megadeal on deck; Ziggo flat; Coinbase’s new low

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 7 – The domestic high-yield primary market rounded out an active week with one deal clearing the market.

In its debut appearance in junkbondland, ZipRecruiter Inc. priced an upsized $550 million issue of eight-year senior notes (B2/BB-/BB-).

The week ahead also promises to be active with Golden Nugget, LLC on deck with a $3.7 billion two-part deal.

Meanwhile, the secondary space remained weak on Friday as the 10-year Treasury yield continued to march higher, breaking as high as 1.801% before closing the day at 1.767%.

While unchanged early in the session, the market closed the day down 1/8 to ¼ point, sources said.

New issues continued to struggle in the secondary space.

VodafoneZiggo’s 5% senior secured sustainability-linked notes due 2032 (B1/B+/BB) were straddling their discounted issue price in high-volume activity.

Outside of recent issues, Coinbase Global, Inc.'s two tranches of senior notes (Ba1/BB+) continued to struggle with the 3 5/8% due 2031 again hitting an all-time low.

Losses also continued to mount for Bed Bath & Beyond Inc.’s 5.165% senior notes due 2044, which sank another 3 points during Friday’s session.

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