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Primary all quiet; PG&E lower on wildfire claim ruling; McDermott down after ratings cut
By James McCandless and Paul A. Harris
San Antonio, Aug. 19 – The high-yield primary market was quiet again on Monday as secondary activity was fixed on utilities and energy names.
Several of the syndicate desks are thinly staffed and are expected to remain so as the likelihood increases that summer 2019 issuance has run its course.
Sources say new-issue activity is likely to remain dormant until post-Labor Day, after which $20 billion to $25 billion of issuance related to mergers and acquisitions is in sight during 2019.
In the secondary market, PG&E Corp.’s notes ended lower after a bankruptcy judge ruled that wildfire claims against the company could proceed.
The 6.05% notes due 2034 dropped 1¾ points to close at 109½ bid. The 5.8% senior unsecured notes due 2037 also declined by 1¾ points to close at 107¼ bid.
In energy, McDermott International, Inc.’s issues dipped after Moody’s Investors Service lowered the corporate family and probability of default ratings for McDermott Technology (Americas), Inc.
Sector peer Enbridge Inc.’s paper traded lower amid turmoil over its pipeline contracting system.
Aerospace name TransDigm Group Inc.’s notes shifted upward.
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