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MSCI, Inspire price; Standard, Uber add-on; fallen angels in focus; Ford, Occidental gain; Kraft Heinz active
By Paul A. Harris and Abigail W. Adams
Portland, Me. May 18 – The domestic high-yield primary market saw an active start to the week with four drive-by deals pricing and the forward calendar growing on Monday.
MSCI Inc. priced an upsized $1 billion issue, and Inspire Brands priced an upsized $750 million.
Standard Industries Inc. priced an upsized $350 million add-on to its 5% senior notes due Feb. 15, 2027 (Ba2/existing BBB-).
And Uber Technologies Inc. priced a $100 million add-on to its 7½% senior notes due May 15, 2025 (B3/CCC+).
The forward calendar also grew with Park Hotels & Resorts Inc. planning to price a $500 million issue and Cushman & Wakefield plc also planning to price a $400 million offering on Tuesday.
Meanwhile, the secondary space was strong on Monday as equities and crude oil futures surged.
Fallen angels dominated trading activity.
Kraft Heinz Co.’s 4 3/8% senior notes were active although largely unchanged following the early results from a tender offer.
Occidental Petroleum Corp.’s senior notes were on the rise in high-volume activity even after the termination of a previously planned asset sale.
Ford Motor Co.’s three tranches of senior notes (Ba2/BB+/BBB-) remained active with the notes continuing to gain.
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