Junk: MoneyGram arrives late; Occidental boosted; Nissan lower; Venture Global active

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 31 – MoneyGram International Inc. was hammering out terms in the junk bond primary market throughout Wednesday, but cleared late in the evening with a new offering.

Meanwhile, it was a soft day in the secondary space with the cash bond market down 1/8 to ¼ point as the debt-limit deal goes to a House vote and a surge in job vacancies in the JOLTS report again called into question the Federal Reserve’s next rate move.

The market “wanted to go up” early in the session, but drifted lower following the release of the JOLTS report, a source said.

While soft, the market was largely quiet with the exception of one name – Occidental Petroleum Corp.

Occidental Petroleum’s split-rated senior notes (Baa3/ BB+) dominated the tape on Wednesday with the capital structure boosted following news Berkshire Hathaway had expanded its stake in the company.

While Occidental’s split-rated notes logged gains on Wednesday, Nissan Motor’s split-rated 4.81% senior notes due 2030 (Baa3/BB+) were under pressure in heavy volume.

Venture Global LNG Inc.’s recently priced tranches of senior secured notes (B1/BB/BB-) remained active with the notes weaker alongside the broader market.

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