Junk primary quiet on election day; Molina gains; oil patch strong; Tupperware eyed

By Abigail W. Adams

Portland, Me., Nov. 3 – The domestic high-yield primary market was quiet on Tuesday as U.S. voters lined up at the polls to cast their ballots in a high-stakes presidential election.

While markets were strong leading into the election, potential issuers were in wait-and-see-mode.

Franchise Group Inc.’s $650 million offering of five-year senior secured notes remains the sole deal on the forward calendar.

However, there have been no official updates on the deal with sources expecting the offering to be pulled.

Meanwhile, the secondary space extended its gains on Tuesday with the cash bond market up another ¼ to ½ point following Monday’s rally.

Molina Healthcare Inc.’s 3 7/8% senior notes due 2030 (Ba3/BB-) were active with the notes improving after a lackluster break.

Tuesday was a strong day for the oil patch as crude oil futures surged.

Occidental Petroleum Corp.’s and Apache Corp.’s senior notes led the gains in the sector with the fallen angels’ capital structures up 1 to 3 points.

Tupperware Brands Corp.’s 4¾% senior notes due 2021 eyed following news the company plans to redeem in full the outstanding $380.2 million with proceeds from a new term loan.

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