Jane Street, Teva price HY bonds; Mr. Cooper improves; Navient flat; Molina struggles

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 2 – The junk new issue market saw $2.6 billion of dollar-denominated issuance on Tuesday.

Meanwhile, the secondary space was again flat on Tuesday as equities continued to broach all-time highs in the runup to the Federal Reserve Open Market Committee Meeting’s announcement.

New paper was in focus in the secondary space although several recent deals were putting in lackluster performances.

Molina Healthcare, Inc.’s 3 7/8% senior notes due 2032 (Ba3/BB-) were struggling in the aftermarket with the notes trading just shy of par.

However, Mr. Cooper’s 5¾% senior notes due 2031 (B2/B+) improved in active trading with the notes launching the day below par but closing with a premium.

And Navient Corp.’s 5½% senior notes due 2029 (Ba3/B+/BB-) remained stuck at par in active trading.

The latest offering from the financial services provider sparked activity in its capital structure with the company’s 4 7/8% senior notes due 2028 dropping more than 1 point.

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