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Mr. Cooper, Navient price; loanDepot gains on earnings beat; PG&E active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 1 – Three drive-by issuers priced $2.05 billion of dollar-denominated junk during a news heavy Monday session in the primary market.
Molina Healthcare, Inc. priced a $750 million issue of 10.5-year senior bullet notes at par to yield 3 7/8%.
Navient Corp. priced an upsized $750 million issue of 7.25-year senior bullet notes (Ba3/B+/BB-) at par to yield 5½%.
Mr. Cooper priced an upsized $600 million issue of 10-year senior notes (B2/B+) at par to yield 5¾%.
Meanwhile the new issue calendar underwent a buildup, and was pushing $10 billion at Monday's close.
Teva Pharmaceutical Industries Ltd.’s set price talk on its $4 billion equivalent offering of sustainability-linked senior notes (Ba2/BB-/BB-).
With activity around recent deals muted on Monday, earnings-related news was the main driver of trading activity in the secondary space.
LD Holdings Group LLC’s junk bonds were making gains in active trading following better-than-expected earnings.
PG&E Corp.’s 5¼% senior notes due 2030 were active although little changed following the utility company’s earnings and disclosure that its role in the Dixie Fire is under investigation.
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