Realogy, American Axle, BWX and Hillenbrand price; SiriusXM lags; Macy’s volatile

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 9 – The high-yield primary market remained active on Tuesday as four issuers – each one pricing a single junk-rated, dollar-denominated tranche – raised a combined $1.75 billion.

Realogy Group LLC and Realogy Co-Issuer Corp. priced $550 million, American Axle & Manufacturing, Inc. priced $400 million, BWX Technologies Inc. priced $400 million and Hillenbrand, Inc. priced $400 million.

Meanwhile, the secondary space had one of its softest days in recent weeks on Tuesday with the cash bond market down about ¼ point after a steady grind tighter.

SiriusXM’s newly priced 4 1/8% senior notes due 2030 (Ba3/BB) were lagging their issue price in high-volume activity.

While International Game Technology plc’s 5¼% senior notes due 2029 (Ba3/BB) were at times below par, they closed the day largely flat.

Meanwhile, Macy's Inc.’s 8 3/8% senior notes due 2025 (Ba1/BB-/BB+) had renewed attention on Tuesday with the notes volatile on the heels of headline news and preliminary earnings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.