Junk: Crescent Energy prices tap; Permian Resources flat; Ford gains on IG upgrade

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 7 – In the United States junk bond market, Thursday activity was centered on an add-on deal from Crescent Energy Co. that priced as a drive-by offering.

Meanwhile, it was another soft day in the secondary space although the market clawed back from a weak start to close well off the lows of the day.

Quality credits on the front end of the curve remained well bid, a source said.

However, caution was in the air.

The market was relatively active with new paper from Permian Resources Corp. jumpstarting activity.

However, Permian’s new 7% senior notes due 2032 (B2/BB-/BB-) fell flat in the aftermarket although the notes were lifted into the close.

Topical news drove some activity with Ford Motor Credit Co. LLC’s senior notes (Ba2/BB+) on the rise following Fitch Rating’s upgrade of the notes to investment-grade.

Altice France Holding SA’s senior notes also made large gains on news the company was considering asset sales to address its debt.

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