Yum! reopens primary; Ford, Occidental Petroleum dominate; Western Midstream distressed

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 30 – After being closed for nearly a month, the domestic high-yield new issue market reopened on Monday.

Yum! Brands, LLC priced an upsized $600 million issue of five-year senior notes (B1/B+) in a Monday drive-by.

Meanwhile, in the secondary, liquidity remained an issue with few names active in the secondary space, a market source said.

The exception were the fallen angels.

Occidental Petroleum Corp.’s senior notes remained major volume movers in the secondary space with the notes mixed.

Occidental’s subsidiary Western Midstream Operating, LP's recently priced senior notes were squarely in distressed territory after becoming a fully junk-rated company as recently as last week.

Outside of energy, Ford Motor Co.’s senior notes continued to post gains in high-volume activity with the fallen angel presenting an opportunity to high-yield investors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.