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California Resources gains; GFL below par; B&G up on earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 4 – The primary market was all about Europe on Friday with three deals pricing and one postponing.
Nexi Capital SpA along with two emerging markets names that drew high-yield attention - Olympic Entertainment Group and Nitrogenmuvek Zrt. – priced euro-denominated deals on Friday with Aldesa Agrupacion Empresarial, SAU’s offering postponed.
There is currently only one deal on the active forward calendar but the week ahead promises to be busy for both dollar-denominated and euro-denominated issuance.
As the domestic primary market wound down from an active week, several of Thursday’s deals fell out of focus. There was limited trading activity in the new paper from Consolidated Energy Finance SA, Avation plc and HC2 Holdings, Inc.
However, the recent deal from GFL Environmental Inc. was a top volume mover in the secondary space with the notes seen dropping below par.
As new paper drifted from focus, California Resources Corp.’s 8% senior notes due 2022 returned to center stage and dominated trading activity in the secondary space as the price of crude oil rose $1.29 on Friday.
B&G Foods, Inc.’s 5¼% senior notes due 2025 (B2/B+) gained about 1¼ points on Friday after a first quarter earnings beat.
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