Global Aircraft eyed; Newfold Digital comes in; Rayonier up; Organon rebound continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 16 – The high-yield primary market sat idle as the new week got underway.

One deal remained on the active forward calendar from last week.

Co-issuers Global Aircraft Leasing Co., Ltd. and Global Sea Containers II Ltd. are on the road with a $1.95 billion offering of five-year senior PIK toggle notes.

Meanwhile, it was a quiet day in the secondary space with the cash bond market soft as bond yields continued to creep higher as the market awaits the next catalyst for movement.

New and recent issues and topical news were the drivers of activity during an otherwise quiet session.

Newfold Digital Holdings Group, Inc.’s 11¾% senior secured notes due 2028 came in from their highs after jumping more than 1½ points on the break.

However, the notes continued to trade with a strong premium.

Rayonier A.M. Products Inc.’s 7 5/8% senior secured notes due 2026 were among the largest gainers in the space with the notes lifted 2 points as the company mulls an asset sale.

Biotech Organon & Co.’s senior notes continued to rebound strongly in heavy volume after the company settled a patent royalties lawsuit that was scheduled to go to trial.

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