Franchise pulls offering; secondary continues to rip; oil patch on the rise; Uber gains

By Abigail W. Adams

Portland, Me., Nov. 4 – The domestic high-yield primary market remained dormant on Wednesday despite the strong tone to the market.

Franchise Group Inc. announced on Wednesday it was pulling its $650 million offering of five-year senior secured notes, becoming the latest in a series of issuers to withdraw offerings.

With the deal withdrawn, the forward calendar was empty heading into Thursday’s session.

Meanwhile, the secondary space continued to rip despite the uncertainty.

The cash bond market opened the day up ¼ with the rally gaining momentum as the session progressed and closing the day up ¾ to 1 point, sources said.

The oil patch remained on the rise with WTI crude oil futures surging more than 3%.

Occidental Petroleum Corp.’s senior notes jumped alongside crude oil futures with the capital structure gaining 2 to 4 points.

Uber Technologies Inc.’s senior notes also jumped 2 points on the back of voter approval for Proposition 22 in California.

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