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Ford HY benchmark offering prices, outstanding notes active, unchanged; Medline higher
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 3 – The year 2023 started off with well-known issuer Ford Motor Credit Co. LLC pricing the first junk bond offering as a benchmark transaction.
Meanwhile, it was a strong start to the year for the secondary space with the cash bond market adding 3/8 point although activity in the space remained muted.
Ford’s latest offering sparked activity in its 6.1% senior green notes due 2032 (Ba2/BB+).
While the notes were the most actively traded issue of Tuesday’s session, there was little price movement with the notes flat in the heavy volume.
Medline Industries Inc.’ junk bonds were on the rise with substantial trading activity with the notes paring their losses after slipping in the final days of 2022.
Altice USA Inc. subsidiary CSC Holdings LLC’s junk bonds also improved in a busy day for the issue after closing 2022 near their historic lows.
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