JBS prices in junk market; Goodyear gains; Atlantica on 101-handle; Sotheby’s at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 14 – The domestic high-yield primary market saw one deal price during Friday’s session.

In a heavily oversubscribed offering, JBS USA priced a $500 million issue of 10.5-year senior notes (Ba1/BB+).

The forward calendar is empty heading into the May 17 week with sources uncertain how active the primary will be.

Meanwhile, the secondary space closed out a volatile week on strong footing as fears about inflation eased following comments from several Federal Reserve officials.

New paper continued to dominate the tape with several recent deals performing well against a strong backdrop.

Following a strong break, Goodyear Tire & Rubber Co.’s two tranches of senior notes (B2/BB-/BB-) continued to gain in high-volume activity with both tranches closing the day on a 101-handle.

Atlantica Sustainable Infrastructure plc’s 4 1/8% senior green notes due 2028 (BB+/BB+) held on to the large premium reached after breaking for trade.

Sotheby’s/BidFair Holdings Inc.’s 5 7/8% exchangeable senior notes due 2029 (B2/B+) were also trading at a premium to their issue price.

However, with the structure of the notes unique, they played to a limited audience, a market source said.

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