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Go Daddy in focus; Power Solutions trades down; energy names under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 31 – The domestic high-yield primary market remained quiet on Friday, a fitting close to the lightest week for new issuance year-to-date.
With a risk-off attitude pervading capital markets, opportunistic issuers were pulling deals from the shadow calendar, sources said.
With markets again rocked by President Donald Trump’s surprise threat to impose tariffs on Mexican goods, the secondary space continued to trade down.
While the overall market was soft, the notes to price during the week continued to hold their premiums.
CNO Financial Group Inc.’s recently priced 5¼% senior notes due 2029 were slightly weaker yet still trading well above their issue price on Friday.
Go Daddy Inc.’s 5¼% senior notes due 2027 were also coming in slightly on Friday yet still trading at a large premium.
Power Solutions’ 8½% senior notes due 2027 were losing ground alongside the broader automotive sector.
The company, which was recently rebranded Clarios, has major operations in both China and Mexico.
Energy names were again under pressure as crude oil futures continued their downward descent on Friday, dropping 5.71%, in response to continued trade tensions.
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