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Primary prices $3.24 billion in 5 tranches; NRG on tap; risk-on in secondary
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 16 – The high-yield primary market generated a heavy news flow on Monday with four issuers pricing five junk-rated, dollar-denominated tranches with a combined face amount of $3.24 billion.
Hilton Worldwide Holdings Inc., Rackspace Technology Global Inc., GFL Environmental, Inc. and Meritor Inc. all priced drive-by offerings.
NRG Energy, Inc. plans to price $3.83 billion of debt securities in five tranches on Tuesday, which will include $1.465 billion of junk-rated notes.
Meanwhile, it was another risk-on day in the secondary space as positive data from Moderna’s Covid-19 vaccine clinical trial pushed the overall market higher.
The cash bond market was up ½ to ¾ point as the Dow Jones industrial average and S&P 500 closed at record highs.
However, in contrast to last Monday when Pfizer announced positive results from its vaccine trial, buying fervor in the secondary space was subdued.
The relatively light volume in the space was partly attributed to the active calendar of new issuance, which accounts were waiting for, and, partly, due to a clearer picture related to the vaccine’s timeline, a source said.
With several drive-by deals set to price later in the afternoon, “new issues are the focus,” a source said.
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