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SAIC on tap; Cleveland-Cliffs trades up; Kraft Heinz gains; AA down again
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 3 – The domestic high-yield primary market saw one issuer step forward on Tuesday with a prospective offering.
Science Applications International Corp. took some market watchers by surprise in announcing plans to price a $400 million offering of eight-year senior notes (B1/BB-) on either Wednesday or Thursday.
Meanwhile, it was another volatile day in the secondary space with the market again opening with gains but closing with losses.
While soft overall, the market was mixed with areas of firmness.
The sell-off in risk assets still had not reached the level of panic in high yields with the market largely in wait-and-see mode, a source said.
Cleveland-Cliffs Inc.’s 6¾% senior notes due 2026 (Ba3/BB-) were one of the bright spots of Tuesday’s session with the notes trading at a large premium to their issue price in high-volume activity.
Outside of the new issue, it was the usual suspects on the tape.
Kraft Heinz Foods Co.’s senior notes were again major volume movers in the secondary space with the longer duration notes continuing their upward momentum.
American Airlines Group Inc.’s 3¾% senior notes due 2025 (B1/BB-/BB-) continued their downward trajectory with the notes moving down to an 89 handle.
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