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Ally, NuStar, AA price; Transocean holds; U.S. Steel improves; funds lose $2.75 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 16 – The domestic high-yield primary market saw three deals price on Thursday.
Ally Financial Inc. priced $750 million of 3 7/8% senior holding company notes due May 21, 2024.
American Airlines Group Inc. priced $750 million of three-year senior notes.
NuStar Logistics, LP priced a $500 million issue of seven-year senior notes at par to yield 6%.
Friday also promises to be active with Berry Global Group, Inc. set to price its $3 billion two-part offering of senior secured notes.
Meanwhile, the secondary space was significantly firmer on Thursday.
Transocean Ltd.’s newly priced 5 3/8% senior notes due 2023 were in focus and holding on to a premium.
United States Steel Corp.’s 6¼% senior notes due 2026 were improved in high-volume activity on Thursday after dropping to their lowest level of the year during the previous session.
Superior Energy Services, Inc.’s 7 1/8% senior notes due 2021 were under pressure on Thursday with the notes continuing their downward spiral.
High-yield mutual and exchange traded funds posted the largest outflow of the year with $2.75 billion exiting the space in the week through Wednesday’s close.
The substantial outflow is the second consecutive one for junk funds with a modest $212 million outflow in the week ended May 8.
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