American Axle gives back gains; Uber down; Coty gains; HY funds add $532 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 26 – While the primary market was again dormant on Thursday, market participants got an inkling of post-Labor Day activity.

Ahern Rentals, Inc. announced plans to price an offering to refinance its 2023 senior secured notes.

While the primary market is expected to remain quiet until after Labor Day, there may be some scattered activity before the new issue market resumes in full force, sources said.

Meanwhile, there was a soft tone to the secondary space on Thursday as the market awaits an announcement from the Federal Reserve regarding its bond tapering program on Friday, a source said.

However, with trading volume thin amid late August illiquidity, the market remained at a standstill.

Large liquid issues and recent deals were the focus of the trading activity that took place on Thursday.

Earnings-related news also pushed some off-the-run names back into the spotlight.

American Axle & Manufacturing, Inc.’s recently priced 5% senior notes due 2029 (B2/B+) gave back much of their gains from the previous session amid weak market conditions.

Uber Technologies, Inc.’s 4½% senior notes due 2029 (B3/B-) fell more than 1 point in active trading.

However, Coty Inc.’s 6½% senior notes due 2026 gained more than 1 point following better-than-expected earnings.

Meanwhile, high-yield mutual and exchange-traded funds added $532 million in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow Report Newsline.

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