Junk issuers price $1.9 billion; Crash adds; Glatfelter skyrockets; Gray, Scipps fall

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 7 – Wednesday’s session in the dollar-denominated high-yield primary market had four issuers price a combined $1.9 billion face amount of bonds.

Meanwhile, the secondary space was largely flat on Wednesday although the tone continued to improve with Treasuries stabilizing after yields soared earlier in the week.

Crash Champions LLC’s new 8¾% senior notes due 2029 (B3/B-) continued to shoot higher in heavy volume.

However, Stena International SA’s 7 5/8% senior secured notes due 2031 (Ba3/BB+) remained wrapped around their issue price.

While the market remained new issue focused, topical news sparked outsized moves in outstanding issues.

Glatfelter Corp.’s 4¾% senior notes due 2029 (Caa1/CCC) skyrocketed after news broke that the company would merge with a spinoff of Berry Global’s health, hygiene and specialties segment.

However, news that ESPN, Fox and Warner Bros. were joining forces to launch a new sports streaming service tanked the capital structures of several broadcasters.

Gray Television, Inc.’s senior notes (Caa1/B) sank 3 to 5 points in heavy volume and E.W. Scripps Co.'s senior notes were off 2 to 3 points on the news.

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