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Junk: $2.1 billion of new paper; Ford, O-I Glass, SRS above issue prices; MultiPlan drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 9 – Three issuers priced a $2.1 billion face amount of dollar-denominated junk in four tranches on Tuesday.
However, the activity did little to clear the forward calendar with $6 billion still in the market.
The lion’s share of the forward calendar is DISH Network Corp. and DISH DBS Corp.’s $4 billion two-tranche megadeal, which is slated to price on Wednesday.
Meanwhile, the secondary space remained firm on Tuesday with new and recent deals continuing to dominate the tape.
Ford Motor Co.’s 3¼% senior green bonds due 2032 (Ba2/BB+/BB+) were in focus with the notes putting in a solid performance in the secondary space.
O-I Glass, Inc. subsidiary OI European Group BV’s 4¾% senior notes due 2030 (B1/B+) were also putting in a strong performance with the notes on a 101-handle.
While SRS Distribution Inc.’s 6% senior notes due 2029 (Caa2/CCC) and Parkland Corp.’s 4 5/8% senior notes due 2030 (Ba3/BB/BB) were trading at premiums to their issue prices, they remained on a par-handle.
Outside of recent issues, MultiPlan Corp.’s junk bonds were under pressure on high-volume activity.
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