Junk: Ford recent tranches mixed in active trade; DISH rebounds; Staples under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 16 – Friday’s sole action in high-yield bond new issuance came out of the euro-denominated market with Sweden-based Assemblin pricing a €480 million issue.

However, the week ahead promises to be active with two deals on the forward calendar and a megadeal on the shadow calendar soon to be formally announced.

Meanwhile, a strong open gave way to a soft close with the market giving back its early gains to close the day largely unchanged, a source said.

Hawkish comments from Federal Reserve officials that continued to support further rate increases sparked a risk-off sentiment midway through the session.

However, liquidity was thin heading into the holiday weekend in the United States with few making moves as the market continued to gauge the Fed’s next move.

Ford Motor Credit Co. LLC’s most recently priced tranches (Ba2/BB+/BB+) were mixed in active trade with the 7.2% senior notes due 2030 hitting new heights while its 6.95% senior notes due 2026 were flat.

DISH Network Corp.’s senior notes (B3/B-) rebounded after the most recent sell-off with the notes paring their losses on the week.

Staples Inc.’s senior notes also reversed course with the initial strength displayed after posting earnings numbers yielding to selling pressure following the company’s Friday conference call.

© 2015 Prospect News.
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