Vallourec bonds slide as refi concerns rise
High yield bonds issued by French pipeline tubing firm Vallourec slid last Friday on concerns that it would struggle to access competitive refinancing terms this year. The company’s shares were down 5.41%, with its bonds down between 1.6 and 3.7 points, according to MarketAxess data.
The borrower’s 6.75% 2023 was down 3.7 points last Friday to trade below 60. Its 6.625% 2022s were down 1.625 to 62.5. The 3.25% 2019s, due in August, were down 1.6 points to 88.Worries about the issuer have been growing since it published disappointing third-quarter numbers on ...
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