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Presidio on deck; Novelis in focus; Mr. Cooper, Ashton Wood at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 14 – The domestic high-yield primary market slowed its pace on Tuesday with no deals pricing.
However, Presidio Holdings Inc. is expected to price its $800 million two-part offering on Wednesday, which may also see other deals launch.
The European primary market saw some action on Tuesday with Banco BPM pricing an upsized €400 million issue of 6 1/8% additional tier 1 perpetual notes.
Meanwhile, the secondary space was largely unchanged on Tuesday, sources said.
Focus remained on the new paper with several recent deals trading at a large premium to their issue price.
Novelis Corp.’s recently priced 4¾% senior notes due 2030 (B2/B+) were among the most actively traded issues in the secondary space with the notes trading up.
Mr. Cooper Group Inc.’s 6% senior notes due 2027 and Ashton Woods Homes Co.’s 6 5/8% senior notes due 2028 (expected ratings Caa1/B-) were putting in a strong performance in the aftermarket with both issues trading at a large premium to their issue price.
Meanwhile, Range Resources Corp.’s 9¼% senior notes due 2026 (B1) were gaining strength in active trading with the notes brushing up against par after a lackluster reception in the secondary space.
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