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Tellurian outlines junk offer; secondary falls in light action; Ford shifts down; DirecTV active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 29 – Tellurian Inc., a new junk bond deal which has been watched for over the last few weeks, was formally introduced in the Morning market.
Meanwhile, it was a quiet session in the secondary space with trading activity at a crawl as the market extended its losses from the previous week.
However, few names were active amid the downturn in the market with large, liquid issues dominating the tape.
Ford Motor Co.’s recently priced 6.1% senior green notes due 2032 (Ba2/BB+) fell to their lowest level since pricing in mid-August as the BB index continued to widen.
DirecTV Holdings LLC and DirecTV Financing Co. Inc.’s 5 7/8% senior secured notes due 2027 (Ba3/BB) were also lower in active trading.
Cruise line operators were under pressure as rate and recession concerns again weighed down the market.
Royal Caribbean Group’s recently priced 11 5/8% senior notes due 2027 (B3/B) again sank below par after holding above amid Friday’s selling pressure.
Carnival Corp.’s 5¾% senior notes due 2027 (B3/B) were also down in active trading.
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