CNO Financial, GoDaddy on tap; Fiat up on merger; Teva drops post settlement

By Abigail W. Adams

Portland, Me., May 28 – While the domestic high-yield primary market saw no deals price on Tuesday, two new deals joined the forward calendar.

GoDaddy Operating Co. and GD Finance Co. Inc. began marketing $600 million of long eight-year senior notes (B1/B+) with pricing expected on Thursday.

CNO Financial Group Inc. started a brief roadshow for a $425 million offering of 10-year senior notes (Baa3/BB+/BB+) that will run through Wednesday with pricing expected thereafter.

Meanwhile, the secondary space was soft on Tuesday, although trading volume was light on the return from the holiday weekend.

Fiat Chrysler Automobiles NV’s junk bonds were making gains following news of its proposed merger with Groupe Renault.

L Brands Inc.’s 5¼% senior notes due 2028 continued their upward trajectory on Tuesday with the notes again posting gains on the heels of an earnings beat.

However, Teva Pharmaceutical Industries Ltd.’s junk bonds dropped in high-volume activity following a settlement with the state of Oklahoma regarding its contribution to the opioid epidemic.

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