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Navient drives by junkland; Ford up on IG bump; First Quantum, CommScope fall post-plunge
By Abigial W. Adams
Portland, Me., Oct. 31 – The domestic high-yield primary market continued to issue new paper at a slow and steady pace on Tuesday with one drive-by pricing and the shadow calendar growing.
Navient Corp. priced a $500 million offering of seven-year senior notes (Ba3/B+/BB-) in a deal that looked optically attractive.
EG Group also telegraphed its intention to price new junk-rated debt as it launched an add-on to its term loan.
While the shadow calendar continues to grow, two deals remain on the forward calendar, including the Raising Cane’s Restaurants LLC $500 million offering of long five-year senior notes (B3).
It was topical news that continued to drive movements in the secondary space.
Ford Motor Co. and Ford Motor Credit Co. LLC’s senior notes (Ba2/BBB-/BBB-) dominated the tape with the capital structure gaining ½ to 2 points as the company achieved high-grade status.
The destruction in CommScope Holding Co., Inc.’s and First Quantum Minerals Ltd.’s capital structure continued on Tuesday after both credits suffered a double-digit plunge in their senior notes the previous session.
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