Southwestern gains on strong day for energy; Sylvamo climb continues; Teva on the rise

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 30 – Amid a dearth of new issue news on Monday, the high-yield primary market appeared poised to limp to the end of summer.

The European market, which is expected to reactivate this week, failed to do so on Monday.

One deal – a euro-denominated one – is in the market.

Oslo-based debt collector Axactor SE was scheduled to begin marketing a €300 million offering of five-year senior notes (Ba3/B) on Monday, by means of telephone calls with investors.

Meanwhile, the secondary space launched the week on firm footing although volume remained light with liquidity issues continued to mar the market, a source said.

With no new paper entering the space and none expected over the course of the week, several recent issues that initially struggled in the aftermarket continued to improve on Monday.

Southwestern Energy Co.’s 5 3/8% senior notes due 2030 (Ba3/BB-/BB-) hit their highest level since pricing on Monday as crude oil futures continued to rebound.

Sylvamo Corp.’s 7% senior notes due 2029 (B1/BB) also continued to climb higher.

Outside of recent issues, Teva Pharmaceutical Industries’ 4.1% senior notes due 2046 were on the rise following the release of data from a long-term study.

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