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Forward Air, NCR take dips; Vital Energy gains; new-issue market quiet
By Cristal Cody and Paul A. Harris
The celebration of the Yom Kippur holy day all but silenced the dollar-denominated new-issue market in junkbondland on Monday, sources said.
The active new-issue calendar finished the session empty, as it began it.
With the dollar junk primary quiet Monday after four deals hit the tape Friday, issues traded mostly better in the secondary market over the session.
Forward Air Corp.’s 9½% senior secured notes due 2031 priced on Friday were “up a couple of points” by the close, a source said.
The new 9½% senior secured notes due 2029 that NCR Atleos Escrow Corp. priced on Friday were at the top of the secondary stack Monday on over $52 million of reported volume.
New issues priced in the prior week also were holding strong Monday.
Vital Energy, Inc.’s $900 million two-part offering of senior notes (B3/B) on Sept. 18 has been among the strongest performers.
Vital Energy’s deal included a $400 million tap of its 10 1/8% notes due 2028 and $500 million of new 9¾% notes due 2030 that priced at a deep discount, the source said.
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