Sylvamo clears HY primary, but wide; Pilgrim’s Pride in the 101s; MultiPlan regains footing

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 20 – The domestic high-yield primary market continued to slow its pace with one downsized deal clearing the market.

Sylvamo Corp. priced Friday's only junk bond deal, a downsized $450 million issue of eight-year senior notes (B1/BB).

Meanwhile, it was another quiet day in the secondary space.

While the market stood poised for another weak session at the open, it closed the day with gains as the tone improved alongside equities.

However, volume remained light.

“Everything is new-issue related,” a source said.

Pilgrim's Pride Corp.’s 3½% senior notes due 2032 (B1/BB+/BBB-) were in focus with the notes trading up to a 101-handle.

The company’s 4¼% senior notes due 2031 were active on the heels of the new offering although the notes were largely unchanged.

MultiPlan Corp.’s 5½% senior secured notes due 2028 (Ba3/B+) regained their footing amid improved market conditions with the notes recouping much of their losses.

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