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Goodyear prices; high-yield secondary firms; Club Car volatile; Great Lakes gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 13 – Goodyear Tire & Rubber Co. showed up in the high-yield Thursday market with a drive-through acquisition financing offer.
Meanwhile, the secondary space reversed course and pared its losses from the previous session with the cash bond market up about ¼ point.
While there was a firmer tone to the space and paper was better bid, there was still an element of caution given the negative tone over the past few sessions, a source said.
While the overall market was strong on Thursday, the energy sector underperformed with several names lower as WTI crude oil futures dropped $2.28 or 3.45% to settle at $63.80.
New paper continued to dominate the tape although the deals to clear the primary market on Wednesday followed different trajectories.
Club Car LLC/MajorDrive Holdings IV, LLC’s 6 3/8% senior notes due 2029 (Caa2/CCC+) were volatile with the notes under water early in the session but closing the day flat.
Great Lakes Dredge & Dock Corp.’s 5¼% senior notes due 2029 (B2/B) continued to outperform with the notes continuing to gain after a strong break.
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