Borr Drilling upsizes; Anywhere Real Estate pops post-earnings; Coinbase rises in junkland

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 24 – In the junk bond primary market, Borr Drilling Ltd. priced a modestly upsized $1.54 billion offering on Tuesday.

Meanwhile, it was a strong day in the secondary space as buyers returned to the market as Treasury yields retreated from their multi-decade highs.

The market was once again reassessing the macro situation with the view that the climb in Treasury yields would negate the need for future rate increases gaining prominence as macro data continued to point to economic strength.

The latest Purchasing Managers’ Index came in better than expected, depicting companies’ continued fundamental strength and raising optimism for earnings, a source said.

The cash bond market climbed 3/8 to ˝ point amid the renewed risk-on sentiment, a source said.

Venture Global LNG Inc.’s recently priced senior secured notes (B1/BB/BB) continued their climb with the notes rising alongside the broader market.

However, topical and earnings-related news drove the largest gains in the space.

Anywhere Real Estate Inc.’s senior notes popped 2 to 4˝ points after the company reported earnings.

Coinbase Global, Inc.’s senior notes (B1/BB-) also made large gains in active trade as market expectations for Bitcoin ETFs rise.

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