BWIC Trades Lightly
A $150 million BWIC, bids wanted in competition, came to market last Tuesday, although it is unclear how much traded. It included some active names such as Lear Corp., Allied Waste and Freescale Semiconductor, but also included some less-active names, which may have been why not all of it traded.
Repricings Cause Credits To Trade Down
More repricings means more credits trading down; the latest Michaels Stores, Roundy's and VNU. Pricing on a $2.4 billion term loan for Michaels Stores is being cut to LIBOR plus 2 3/4% from LIBOR plus 3%. The credit traded down to around 100 3/4-101 1/8 from 101 1/2 as the cut talk surfaced. A call to a Michaels' official was not immediately returned.
Ford Remains Active
Due to the large size of Ford Motor's credit facility, the name continues to be active. Its $7 billion term loan "B," was up this week from last week, trading around 101.075-101.400 from around 100.516-100.797, the week before, according to Markit. Its five-year, CDS was trading around 496 last Wednesday, tighter by about 16 basis points from the day before, according to Markit.