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PG&E eyed; Lummus, Radio Systems on tap; W.R. Grace at a premium; Wynn Macau flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 15 – The domestic high-yield primary market was quiet on Monday with no deals pricing.
However, three deals joined the forward calendar, including PG&E Corp.’s highly anticipated three-tranche offering. The $3.75 billion megadeal is expected to price on Friday.
Radio Systems Corp. also plans to price a $625 million offering late in the week.
And Lummus Technology Inc. plans to price a $460 million offering on Tuesday.
Meanwhile, the secondary space was quiet but firm on Monday following news the Federal Reserve’s Secondary Market Corporate Credit Facility would begin the purchase of individual bonds.
While soft at the open, the market reversed course following the announcement and ended the day with gains.
“This is not the first time Fed headlines have affected the market. It feels like they’re going to be propping things up,” a source said.
With no deals pricing on Monday, trading volume was light with activity continuing to center around recent issues.
W. R. Grace & Co.’s recently priced 4 7/8% senior notes due 2027 (Ba3/BB-/BB+) were active and trading with a healthy premium.
However, Wynn Macau Ltd.’s 5˝% senior notes due 2026 (B1/BB-/BB+) were wrapped around par.
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