Primary sells $6.79 billion in nine deals; PG&E circulates talk; secondary gains continue

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 16 – A torrid Tuesday in the domestic high-yield primary market saw a mix of issuers place a $6.79 billion face amount of new debt, most of it junk

Ford Motor Credit Co. LLC, EQM Midstream Partners LP, Standard Industries Inc., Warner Music Group Corp., Lummus Technology Inc., Dana Inc., Comstock Resources, Inc., Constellium SE, and Cleveland-Cliffs Inc. all tapped the market on Tuesday.

Several of the deals were massively upsized and came well inside of talk.

Initial price talk circulated the market for PG&E Corp.’s highly anticipated $3.75 billion three-part megadeal.

Meanwhile, the secondary space continued to gain on Tuesday with the buyers outnumbering sellers as investors flocked back to risk assets.

Ford Motor Co.’s senior notes continued to gain in high-volume activity as the market awaited a new issue from the company’s financing arm.

Univision Communications Inc.’s 6 5/8% senior notes due 2027 (B2/B) topped par after struggling below following last Thursday’s sell-off.

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