Domestic primary dormant; Altice in focus; Ferroglobe tanks; energy names under pressure

By Abigail W. Adams

Portland, Me., Nov. 27 – The domestic primary market remained dormant on Tuesday with the forward calendar vacant.

However, the European primary market saw one small add-on deal join the forward calendar.

Algeco Global Finance plc plans to price a €125 million tap of its fixed- and floating-rate notes due 2023 on Wednesday, according to a market source.

The small deal is “better than nothing,” a market source said.

Meanwhile, the secondary space opened Tuesday on soft footing with the market down about 1/8 point, according to a market source.

Altice SA’s junk bonds remained in focus in the secondary space. Its 7¾% senior notes due 2022 were largely flat in active trading, and Altice France SA’s junk bonds were trading down.

Ferroglobe plc 9 3/8% senior notes due 2022 tanked after a third-quarter earnings miss with the notes dropping more than 10 points.

Names in the energy sector remained under pressure.

California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were again major volume movers in the secondary space with the notes giving back minor gains from Monday.

DCP Midstream LLC’s 5.85% senior notes due 2043 dropped 6 points on Tuesday with crude oil futures again dragging down the secondary space.

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