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PennyMac, Alliant price in junkland; Credit Acceptance expands; Enova at a premium
By Abigail W. Adams
Portland, Me., Dec. 6 – The domestic high-yield bond primary market was active again on Wednesday with two issuers pricing a cumulative $1.4 billion.
PennyMac Financial Services Inc. priced an upsized $750 million of six-year senior notes (Ba3/B+/BB-) and Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer Inc. priced $750 million of seven-year senior secured notes (B2/B).
The secondary space was off to a strong start on Wednesday after the latest ADP report reflected a weakening labor market.
However, the market leaked into the close and ended the day largely unchanged, sources said.
However, new and recent deals continued to put in strong aftermarket performances.
Credit Acceptance Corp.’s 9¼% senior notes due 2028 (Ba3/BB) continued to shoot higher after a strong break with the notes closing the day above a 101-handle.
Enova International Inc.’s 11¼% senior note due 2028 (B2/B-) held on to the gains made on the break with the notes continuing to trade at a premium to their discounted issue price.
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