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Junk secondary ‘deflates’; Allegiant gives back gains; Six Flags under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 11 – The primary junk bond market was quiet on Thursday, but market participants are expecting at least some activity before the Labor Day holiday, a time when debt issuance is often subdued.
Meanwhile, the secondary space was volatile on Thursday with the market’s strong open giving way to selling pressure as the session progressed.
“It deflated,” a source said.
While the market was up 1/8 to ¼ point early in the session, it closed the day flat to down 1/8, sources said.
Allegiant Travel Co.’s new 7¼% senior secured first-lien notes due 2027 (Ba3/BB-/BB+) gave back much of their gains after a strong break the previous session.
Charter Communications, Inc. subsidiary CCO Holdings, LLC’s recently priced 6 3/8% senior notes due 2029 (B1/BB-) remained active with the notes remaining above par despite the market’s weak close.
Outside of recent issues, Six Flags Entertainment Corp.’s 5½% senior notes due April 2027 (B3/B-) were under pressure following disappointing earnings, a source said.
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