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Popular prices, Fortress on tap; Refinitiv accelerates timing; PetSmart, Staples gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 11 – The domestic and European primary market were active on Tuesday with each of a dollar-denominated, euro-denominated and sterling-denominated deal pricing during the session.
Popular, Inc. priced $300 million of five-year senior notes (B2/BB-/BB-) at par to yield 6 1/8% on Tuesday.
Jaguar Land Rover Automotive plc priced a downsized €500 million issue of senior bullet notes due Jan. 31, 2026 (Ba2/BB/BB+) at par to yield 4½%.
Ei Group plc priced a £150 million issue of 5.5-year senior notes (S&P: B) at par to yield 7½% on Tuesday.
The forward calendar continued to fill in with Fortress Transportation and Infrastructure Investors in the market with a $300 million offering of seven-year senior notes (current ratings B1/B+).
Meanwhile, Refinitiv’s $5.5 billion equivalent offering of senior notes may price on Friday with the deal playing to massive demand.
After a slow start to the week, trading activity picked up in the secondary space on Tuesday.
PetSmart Inc.’s junk bonds were in focus and making large gains after the company reported earnings.
Staples, Inc.’s 8½% senior notes due 2025 were also on the rise in high-volume trading after reporting positive numbers.
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