NCR on tap; Sirius postpones offering; sell-off in oil patch continues; Endo active, mixed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 6 – The domestic high-yield primary market saw another session on Tuesday with no new deal activity. However, one new deal did join the forward calendar.

NCR Corp. began marketing a $1 billion two-tranche offering of senior notes (expected ratings B2/BB) with pricing expected on Thursday.

While one deal joined the forward calendar, another withdrew.

Sirius Minerals plc postponed its $500 million offering of senior secured notes due 2027, citing market conditions.

Meanwhile, the secondary space firmed on Tuesday with several names rebounding after a dramatic sell-off on Monday.

However, the oil patch was not the benefactor of the rebound with several oil and gas names continuing to trade down as crude oil futures remained on a downward spiral.

Chesapeake Energy Corp.’s senior notes were also under pressure after a disappointing second quarter earnings report.

Endo International plc’s junk bonds were in focus on Tuesday with the notes mixed after the pharmaceutical company reported second-quarter earnings.

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