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Market awaits United Rentals; Nine Energy, JBS trade up; Uber gains; Goodyear drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 19 – The high-yield primary market was again quiet on Friday with no new deals entering the space and the active forward calendar empty.
Market players were eyeing United Rentals, Inc.’s anticipated $1.1 billion offering of senior notes (Ba3) in a deal that is expected to launch before the end of October.
Meanwhile, the secondary space was largely flat on Friday as equities saw another choppy day.
However, the deals that priced during Thursday’s session were strong in secondary market activity, which sources attributed to the dearth of new deal activity.
Nine Energy Service, Inc.’s 8¾% senior notes due 2023 (B3/B) were active with the notes trading more than 2 points above their issue price.
JBS SA’s new 7% senior notes due Jan. 15, 2026 were also more than 2 points above their issue price with the emerging market deal eyed by some high-yield accounts.
Uber Technologies Inc.’s two-tranche privately placed offering improved although trading of the new notes remained light.
Goodyear Tire & Rubber Co.’s 5 1/8% senior notes due 2023 were down about ½ point in decent volume after competitor Michelin cut its forward guidance due to decreasing sales.
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