Skillz high-yield bonds tucked away; Staples active post-earnings; Coinbase bounces off lows

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 16 – The high-yield new issue bourse remained dormant on Thursday, with market sources professing the belief that the blazing, record-setting 2021 new deal machine has run its course.

Skillz Inc.’s 10¼% first-lien secured notes due December 2026 (B3/B-) may mark the last deal of the year.

While the notes changed hands at a premium to their deeply discounted issue price, secondary activity was sparse with the notes largely tucked away.

Meanwhile, the secondary space was volatile on Thursday with the cash bond market opening the day up ¼ point but closing the day largely unchanged.

“It began strong but deflated,” a source said.

While volatile, trading activity remained light as liquidity continued to thin heading into the end of the year.

Topical news was the driving force of trading activity in the space.

Staples Inc.’s junk bonds were active although little changed following the office supply retailer’s earnings.

Talen Energy Supply LLC’s distressed junk bonds were taking a hit in high-volume activity following the closure of additional financing through a first-lien revolving credit facility.

Coinbase Global, Inc.'s 3 3/8% senior notes due 2028 (Ba1/BB+) were active with the notes bouncing off a new all-time low set the previous session.

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