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Goldman Sachs, Finance of America notes decline ahead of November calls; PBF mixed
By Cristal Cody
Tupelo, Miss., Feb. 22 – Some financial paper with calls in 2022 treaded into the distressed space with yields hovering near or over 10% in post-holiday trading on Tuesday.
Goldman Sachs Group Inc.’s 5% perpetual split-rated fixed-to-floating rate non-cumulative notes have been ticking lower with the issue yielding around 10% on Tuesday after yielding nearly 12% in the prior week.
The series P notes (Ba1/BB+/BBB-) were quoted at the 96 bid area, mostly unchanged from Friday.
“There’s a call in November,” a source noted. “They’re down from a month ago – they were trading at 99½ to par. They dropped as low as low as 95¾ and are slowly bouncing back to 96¼.”
Finance of America Funding LLC’s 7 7/8% senior notes due 2025 (B3//B) were quiet after softening about 1½ points in the prior week, a source said.
The notes were last seen on Friday at 93¾ bid and yielding almost 10%, down from the 98½ bid range in January.
Finance of America’s issue also has a call date in November.
Otherwise, distressed activity “is getting slow right now,” a market source said.
PBF Energy Inc.’s senior notes were mixed with the 7¼% senior notes due 2025 (Caa1/B/B-) down 1 point to 83½ bid on $1.8 million of paper traded.
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