Civitas drives by; Global Aircraft joins HY calendar; Civitas, Global Air existing notes gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 10 – Civitas Resources, Inc. came to market on Tuesday in the junk bond space with a drive-by offering, reactivating the space post-holiday.

Meanwhile, it was a strong day for the secondary sector as buyers emerged to lift the market ¼ to ½ point as Treasury yields sank.

The market was once again repricing its expectations for rate increases with comments from Federal Reserve officials bolstering belief that the rate-hike cycle has come to an end, sources said.

The 10-year Treasury yield fell 14 basis points to 4.664%.

Primary market activity sparked trading in the secondary space with Civitas’ outstanding notes gaining on the heels of its latest offering.

Global Aircraft Leasing Co., Ltd.’s 6½% senior PIK toggle notes due Sept. 15, 2024 popped in active trade with proceeds from its latest offering to be used to take out the notes.

Meanwhile, topical news sparked some action in off-the-run issues with MI Windows and Doors, LLC’s 5½% senior notes due 2030 (B3/B/BB-) active but unchanged after a failed takeover effort.

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