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New junk quiet but full calendar; CA Magnum in demand; PBF Energy, Ford gain post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 28 – With over $8 billion of new deals on the junk bond calendar, none of it moved into the new issue space on Thursday.
Meanwhile, the secondary space was firm on Thursday although volume was light amid a slowdown in new issuance.
CA Magnum Holdings’ 5 3/8% senior secured notes due 2026 (B1//BB-) were in focus with the notes continuing to edge higher after a strong break.
While activity in recent deals slowed on Thursday, earnings-related news also sparked movement in some outstanding issues.
PBF Holding Co. LLC’s capital structure rose 1.5 to 2 points in active trading on a better-than-expected earnings report.
Ford Motor Co.’s senior notes were also on the rise after the company reported a large earnings beat.
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