Primary sells $2.58 billion; Occidental flat; Ford lags; funds add $1.54 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 13 – While the domestic high-yield primary market did not top $5 billion on Thursday, it continued to roll out new deals at an active clip with five issuers pricing a cumulative $2.575 billion.

New deal activity on Thursday was led by Veritas US Inc. and Veritas Bermuda Ltd., which priced an upsized $1 billion offering.

At Home Holding III Inc., ANGI Homeservices Inc., QVC, Inc., and PRA Group, Inc. also cleared the market.

Meanwhile, the secondary space continued to show signs of weakness on Thursday with the market soft.

Occidental Petroleum Corp.’s three-tranche megadeal (Ba2/BB+/BB) became the latest new issue to fall flat in the aftermarket.

Ford Motor Credit Co. LLC’s two tranches from its recently priced megadeal (Ba2/BB+/BB+) were lagging their issue prices in high-volume activity.

However, Black Knight InfoServ, LLC’s 3 5/8% senior notes due 2028 (Ba3/B+), FirstCash, Inc.’s 4 5/8% senior notes due 2028 (Ba1/BB), and Booz Allen Hamilton Inc.’s 3 7/8% senior notes due 2028 (Ba2/BB-) were trading with strong premiums in the aftermarket.

Meanwhile, money continued to enter the space with high-yield mutual and exchange-traded funds seeing inflows of $1.542 billion through Wednesday’s close, according to Refinitiv Lipper US Fund Flows.

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