GFL Environmental and Pike drive by junkland; Tenneco lifted; First Quantum eyed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 29 – Drive-by issuers GFL Environmental Inc. and Pike Corp. priced a combined $1.4 billion in the junk bond market on Wednesday.

Meanwhile, it was a strong day in the secondary space with the cash bond market adding another 3/8 to ½ point with a strong GDP print adding fuel to the soft-landing scenario economists are now widely anticipating, a source said.

While some sources remain skeptical, it was risk-on in the secondary with buyers active in the market.

Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) were lifted in heavy volume as buyers returned for the struggling notes.

Venture Global LNG Inc.’s 9½% senior secured notes due 2029 and 9 7/8% senior secured notes due 2032 (B1/BB) made strong gains in active trade.

However, First Quantum Minerals Ltd.’s senior notes (/B+) remained heavy as market players speculate about the future of its Panamanian mine.

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