US LevFin Wrap — Ford revs the HY engine; hung LBOs and tricky refis up next
- David Bell
- +William Hoffman
Welcome back! There were signs of life in US levfin markets this week, though it was not the rip-roaring start to the primary market seen in investment grade credit.
A $2.75bn bond deal from Ford on Tuesday reopened the high yield market for 2023 (more on that later). It followed the second quietest December for new issue HY bond supply in the past four years, with just $2.3bn raised during the month, according to JPMorgan research.