DaVita, Ardagh, Microchip price; Macy’s, Wesco on tap; Ford, U.S. Steel, Live Nation gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 26 – The domestic high-yield primary market was in high gear upon return from the holiday weekend, rolling out large offerings from well-known junk issuers, crossovers and fallen angels.

In drive-by action, DaVita Inc. priced a $1.75 billion issue, Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced an upsized $1 billion, and Microchip Technology Inc. priced $1 billion of notes in a crossover trade.

The calendar also ballooned with offerings from Wesco Distribution Inc., Macy's Inc. and INTL FCStone Inc.

Meanwhile, the secondary space continued to grind tighter on Tuesday on optimism surrounding the reopening of the economy and the continued support of the Federal Reserve Board, a source said.

United States Steel Corp.’s 12% senior notes due 2025 (B2/B+) continued to gain in active trading with the deeply discounted notes topping par.

Ford Motor Co.’s three tranches of senior notes (Ba2/BB+/BBB-) continued to see upward momentum as the carmaker reopens its plants.

Live Nation Entertainment, Inc.’s 6½% senior notes due 2027 (Ba2/BB-) also continued to rise on optimism over a return to operations.

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