NortonLifeLock hits new low in junkland; Ford under duress; funds add $734 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 15 – The domestic U.S. high-yield market was quiet on Thursday, but in Europe a junk bond deal priced from Italy’s Lottomatica SpA.

Meanwhile, the downtrend in the secondary space continued with the cash bond market off another 3/8 point.

The market is once again increasing its bets that the Federal Reserve will hurtle the economy into a recession and market players are on the defense, a source said.

NortonLifeLock Inc.’s two tranches (B1/BB-/BB+) of senior notes sank deeper below par in the market downturn with both tranches closing Thursday on a 98-handle.

Ford Motor Co.’s 6.1% senior green notes due 2032 (Ba2/BB+) were also under pressure and retesting their all-time lows during Thursday’s session.

Carnival Corp.’s senior notes (B3/B) saw heavy volume over the day although with little movement in price.

Meanwhile, high-yield mutual and exchange-traded funds snapped their streak of outflows with $734 million entering the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows report.

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