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Carvana improves; Medline hits new low; Springs Window sinks
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 2 – The high-yield new-issue market remained dormant on Monday.
There was no word on the Bioventus LLC $415 million offering of five-year senior notes (Caa1/CCC+) that ran a roadshow last week and was expected to price before last Friday's close.
The most recent news on the debut offer from the North Carolina-based supplier of pain treatments, restorative therapies and surgical solutions came last Wednesday when the notes were talked to yield 9¾% to 10%, slightly wide to initial guidance in the mid-to-high 9% area.
Meanwhile, the secondary space opened the new month on soft footing with the market flat to down 1/8 point as the 10-year Treasury yield briefly crossed the 3% threshold before coming in to settle at 2.889%.
While the market remained weak, trading activity in the space was muted with many on the sidelines as the Federal Reserve Open Market Committee convenes on Tuesday, sources said.
Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) continued to dominate the tape with the notes slightly improved during Monday’s session despite continued pain for CCC credits.
Medline Industries’ secured and unsecured notes continued to get hammered with both tranches hitting fresh lows.
SWF Escrow Issuer Corp.’s (Springs Window Fashions) 6½% senior notes due 2029 (Caa2/CCC) led losses during Monday’s session, dropping more than 5 points to an all-time low.
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