Regal Rexnord on junk horizon; Ford unchanged in active trade; DISH lower; Carnival gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 5 – The high-yield syndicate desks continued to await the pricing of their first junk-rated issue of 2023 on Thursday with hope centered on a potential deal from Regal Rexnord Corp.

Meanwhile, the secondary space held up well in the face of continued macro data supporting further hawkish moves by the Federal Reserve.

The latest ADP National Employment Report, which came in well above expectations and reflected the continued strength of the labor market, dragged the market lower early in the session.

However, the secondary space recouped its losses to close the day flat.

Ford Motor Credit Co. LLC’s new tranches (Ba2/BB+/BB+) were active yet unchanged on Thursday with the notes holding onto the gains made the previous session.

DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) were lower in heavy volume with the notes giving back what they picked up in the previous session.

Carnival Corp.’s 10 3/8% senior priority notes due 2028 (B2/B+) continued to add during Thursday’s session despite some softness in the market.

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