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Two junk bond issuers bring $925 million; secondary sours; Worldpay notes decline
By Paul A. Harris and Cristal Cody
Portland, Ore., Sept. 26 – A pair of drive-by issuers, each bringing a single tranche of junk-rated, dollar-denominated notes, raised a total of $925 million on Tuesday.
In secondary trading, junk paper was widely lower in some of the most active issues by the close, including new issues, sources reported.
“The market sucks,” a source noted of the drop in the CDX High Yield 30 index and other indices. “The market was down 3/8 to ½ point.”
The S&P 500 index closed down 1.47%, with the iShares iBoxx High Yield Corporate Bond ETF dropping 32 cents, or 0.43%, to $73.58.
The CBOE Volatility Index jumped 12.07% to 18.94 in its highest close since May 25.
NCR Atleos Escrow Corp.’s 9½% senior secured notes due 2029 (B2/B+/BB-) gave back more than ½ point on $22 million of paper changing hands.
GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay also lost nearly ½ point as one the more actively traded junk bonds.
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