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Pilgrim’s Pride, Sylvamo better than issuance; Rite Aid higher; primary quiet
By Cristal Cody and Paul A. Harris
Tupelo, Miss., Aug. 23 – The high-yield primary market failed to generate news on Monday, with market sources conceding that the Dog Days of August are upon the new-issue bourse.
However sources are declining to entirely rule out new-issue business in the run-up to Labor Day, although no one was volunteering any possible names or industry sectors on Monday.
Trading in the high-yield market stayed light as the week kicked off.
Pilgrim's Pride Corp.’s new 3½% senior notes due March 2032 (B1/BB+/BBB-) traded ¼ point better on the day and 2 points higher than pricing in thin secondary volume.
Sylvamo Corp.’s 7% senior notes due September 2029 (B1/BB) saw more action during the session with the new issue trading in a “decent amount” at 101¼ bid by late afternoon, a market source said.
In other junk-bond trading, Rite Aid Corp.’s bonds were nearly 2 points better after the drugstore chain reported it successfully extended the maturities on its credit agreement.
The company’s 8% senior secured due November 2026 (Caa1/CCC) traded 1¼ points higher by the close.
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