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Primary quiet; Denbury dominates, trades down; CIT Group lags; California Resources down
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 15 – The domestic primary market was quiet on Wednesday after active sessions on Monday and Tuesday.
While some drive-by deals were expected, none came forward as volatility rocked global capital markets.
Starwood Property Trust, Inc. remains in the market with its $300 million offering of five-year senior bullet notes (Ba3/BB), which was expected to price on Wednesday.
Meanwhile, the deals to price on Tuesday were struggling in the secondary space.
Denbury Resources Inc.’s 7½% senior notes due Feb. 15, 2024 (B3/B+) dominated trading activity in the secondary space with the notes trading below their issue price.
CIT Group Inc.’s newly priced 4¾% senior notes due Feb. 15, 2024 were also lagging their issue price in secondary activity, although the notes were slower to trade.
The flurry of trading activity surrounding Frontdoor, Inc.’s newly priced 6¾% senior notes due 2026 (B2/B-) tempered on Wednesday.
While few bonds traded, they were seen backing off Tuesday’s gains.
With the barrel price of West Texas intermediate crude oil for September delivery dropping more than $2, California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were active and also trading down in the secondary space.
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