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Standard Industries, Level 3 price; Western Global at a discount; MGIC Investment soars
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 7 – The domestic high-yield primary market continued to roll out new issuance on Friday with three deals clearing the market.
In drive-by action, Standard Industries Inc. priced a $1.1 billion issue and Level 3 Financing, Inc. priced an $840 million offering.
After almost two weeks in the market, Western Global Airlines LLC priced a downsized $350 million issue at a discount.
Market players expect an active week ahead, despite only one deal on the active forward calendar, with issuance expected to top $10 billion.
Meanwhile, in the secondary space new paper continued to dominate the tape after one of the heaviest weeks for new issuance on record.
While the majority of new deals have made gains in the secondary space, DaVita Inc.’s 3¾% senior notes due 2031 (Ba3/B+) fell flat in high-volume activity.
Warner Music Group's WMG Acquisition Corp.’s 3% senior notes due 2031 (Ba3/BB) were marked with a slight premium in active trading.
After a strong break, MGIC Investment Corp.’s 5¼% senior notes due 2028 (Ba1/BB+) were holding on to their large premium in active trading on Friday.
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