Faurecia prices €250 million add-on; new notes active in new week; PG&E dives

By James McCandless and Paul A. Harris

San Antonio, Oct. 28 – As the high-yield primary market was slowed by an earnings blackout on Monday, the secondary market began a new week of activity with eyes fixed on newer issuance and newsmakers.

There was a European aspect to much of Monday's news.

France-based Faurecia SE priced a €250 million add-on to its 3 1/8% senior notes due June 15, 2026 at 104.5 on Monday.

The issue price came 12.5 basis points beyond the rich end of price talk in the 104 area and rendered a 2.3863% yield to maturity.

And London-based BBA Aviation plc announced plans to price a $650 million offering of 8.25-year senior notes on Tuesday.

Newer notes from Clarivate Analytics plc, Virgin Australia Holdings Ltd. and Netflix, Inc. were all seeing high levels of activity.

In utilities, PG&E Corp.’s issues dived after a new round of blackouts and expanding wildfires put more pressure on the name.

Carmaker Ford Motor Co.’s paper varied in direction after announcing hundreds of layoffs and the discontinuation of two car models.

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