GoDaddy prices; CNO moves up; Sprint gains; Tronox drops; $1.27 billion fund outflows

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 30 – While the domestic high-yield primary market’s pace remained slow on Thursday, one deal did clear the forward calendar.

Go Daddy Inc. priced a $600 million issue of 8.5-year senior notes (B1/B+) at par to yield 5¼% on Thursday.

Meanwhile, the secondary space was volatile on Thursday and largely moving in line with equities as they seesawed between gains and losses.

New paper was in focus and performing well in the secondary space.

GoDaddy’s new notes were trading at a premium after breaking for trade.

CNO Financial Group Inc.’s recently priced 5¼% senior notes due 2029 were also trading well above their issue price in high-volume activity.

Sprint Corp.’s junk bonds were active and making gains following the latest development in its merger with T-Mobile and the launch of its 5G network.

However, Tronox Ltd.’s 6½% senior notes due 2026 shaved off several points following the company’s investor day.

Energy names were also taking a hit as crude oil futures dropped by more than 4%.

Market technicals also continued to show signs of weakness with another billion-dollar outflow recorded for the week through Wednesday’s close.

High-yield mutual funds and exchange-traded funds saw an outflow of $1.27 billion for the week ended Wednesday. The space has seen four outflows in the past six weeks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.