Newell drives-by; junk bond secondary extends gains; Royal Caribbean erases losses

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 9 – Domestic high-yield primary market participants saw another active session with Newell Brands Inc. pricing $1 billion of split-rated senior notes (Ba1/BBB-/BB+) in two bullet tranches in a Friday drive by.

The week ahead is also set to be active with $3.5 billion of secured notes backing the leveraged buyout of Citrix Systems Inc. expected to surface.

Meanwhile, the secondary space closed the week on strong footing with the cash bond market rising another ½ to ¾ point, a source said.

NortonLifeLock Inc.’s two tranches of senior notes (B1/BB-/BB+), priced Thursday, dominated activity in the secondary space although with little movement in price.

Both tranches were stuck in a narrow range near par with the tight pricing of the notes leaving them little room to run, sources said.

Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) erased losses from the previous two weeks with the notes returning to a 101-handle.

While Ford Motor Co.’s 6.1% senior green notes due 2032 (Ba2/BB+) remained below par, the notes made strong gains during Friday’s session.

© 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.