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Primary quiet; Ford in focus; Jeld-Wen trades up; Gap at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 28 – The domestic high-yield primary market took a breather on Tuesday with no deals pricing and none on the forward calendar.
However, the primary market has already generated more than $33 billion in new deal volume this month, which does not include the investment grade paper that priced off the high-yield desk.
Meanwhile, the secondary space saw a volatile session with the cash bond market opening the day with gains but closing largely flat, a market source said.
With the primary market quieting down, trading activity around recent issues was also petering off.
However, several recent megadeals remained in focus.
Ford Motor Co.’s three tranches of senior notes (Ba2/BB+/BBB-) were active although little changed in the run up to the company’s first-quarter earnings report with the notes still underwater.
After initially struggling in the aftermarket, Gap, Inc.’s three tranches of senior secured notes (Ba2/BB) gained on Tuesday with all tranches now trading at a premium to their issue price.
While the notes were improved on Tuesday, Spirit AeroSystems, Inc.’s 7½% senior notes due 2025 (Ba2/BB-) were still languishing below par.
While volume was light, Jeld-Wen, Inc. recently priced 6¼% senior secured notes due May 2025 (Ba2/BB+) were trading with a steep premium in the secondary space.
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