Pilgrim’s Pride prices; Howmet Aerospace flat; Southwestern, MultiPlan weaken in junkland

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 19 – The domestic high-yield primary market saw one deal clear the market on Thursday with one more expected for Friday.

Pilgrim's Pride Corp. priced an upsized $900 million issue of split-rated 10.5-year senior notes (B1/BB+/BBB-).

The new paper was trading with a slight premium after breaking for trade.

Sylvamo Corp. remains on the forward calendar with a downsized offering of eight-year senior notes (B1/BB), which is expected to price on Friday.

Meanwhile, the secondary space was again weak on Thursday.

All eyes will be on the Federal Reserve in the coming week as the market awaits an official announcement regarding the bond tapering timeline.

On Thursday, Howmet Aerospace Inc.’s 3% senior notes due 2029 (Ba2/BB+/BBB-) were in focus with the notes hovering around par.

Southwestern Energy Co.’s 5 3/8% senior notes due 2030 (Ba3/BB-/BB) were softer on Thursday with the notes giving back much of their premium on a soft day for the market and, in particular, energy credits.

MultiPlan Corp.’s 5½% senior secured notes due 2028 (Ba3/B+) also gave back much of their gains in active trading.

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