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Junk: Clarios prices; Altice trades below par; Ford hits new low; funds add $3.06 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 20 – In Thursday’s dollar-denominated high-yield new issue market, Clarios Global LP and co-issuer Clarios US Finance Co., Inc. priced an upsized $750 million issue (from $500 million) of five-year senior secured notes (B1/B+/B+) at par to yield 6¾%.
The yield printed at the tight end of yield talk in the 6 7/8% area. Initial guidance was in the low-to-mid 7% area.
There was a massive $1.6 billion of reverse inquiry in the deal, sources said.
Friday figured to be an active day in the primary market.
Kedrion Biopharma is on deck with a $790 million offering of Kevlar SpA 6½% senior secured notes due 2029 (B3/B), Allwyn Entertainment Financing (UK) plc is scheduled to price its €1.3 billion three-part offering of senior secured notes (expected ratings BB/BB-), and Travelodge Hotels Ltd. plans to place £550 million equivalent of TVL Finance plc five-year senior secured notes in two tranches on Friday.
Meanwhile, it was another soft day in the secondary space Thursday with a risk-off sentiment spreading through the market following weak earnings and warnings from Federal Reserve officials about deteriorating credit conditions.
While the cash bond market shed another 1/8 to ¼ point, trading activity remained muted with few making moves in the secondary space.
“I’m not sure what people are waiting for,” a source said.
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