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Primary market on hold; Kraft Heinz, EQT active; Whiting rebounds; AMC sinks
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 28 – The domestic high-yield primary market remained dormant on Friday with coronavirus-induced volatility continuing to sideline new deal activity.
Bausch Health Americas Inc. was heard to be ready to roll out a $3.25 billion two-part offering and Cleveland-Cliffs Inc. and Advantage Solutions Inc. were marketing a $950 million and $1.145 billion offering, respectively.
However, those deals are believed to be on hold until the market stabilizes.
Meanwhile, in the secondary space, fallen angels were in focus on Friday although with different trajectories.
Kraft Heinz Foods Co.’s senior notes continued to see high-volume activity with the notes firming as the broader market continued to trade off.
However, the downward momentum in EQT Corp.’s senior notes persisted following the company’s earnings report.
Whiting Petroleum Corp.’s 5¾% senior notes due 2021 pared some of their losses from Thursday’s session, although the notes were volatile and trading in a wide range, a source said.
AMC Entertainment Holdings Inc.’s 6 1/8% senior notes due 2027 were trading off following its fourth-quarter earnings report.
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