Nordstrom, Gap under pressure in high-yield secondary market after earnings; Ford active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 24 – The dollar-denominated junk primary market remained dormant, as expected, on pre-Thanksgiving Wednesday.

Meanwhile, the secondary space remained weak although trading volume was extremely light ahead of the long weekend.

“A lot of people are out today,” a source said.

With the new issue pipeline drying up, large, liquid issues and earnings-related news were the primary drivers of activity in the secondary space.

Nordstrom, Inc.’s capital structure was under pressure following a large earnings miss.

While volume in the name was light, Gap, Inc.’s 3 5/8% senior notes due 2029 were also down following a sizeable earnings miss.

Ford Motor Co.’s 3¼% senior green notes due 2032 (Ba2/BB+/BB+) were active with the notes weaker over the past few sessions alongside the broader market.

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