Insider Monkey – Navistar International Corp bond yields are rising while those of other U.S. junk-rated truckmakers fall as investors penalize it for an engine design flaw and Carl Icahn expands his influence in the industry. Yields on its notes are up 2 percentage points this year as those on the 20 most-indebted high-yield automotive companies fall, according to Bank of America Merrill Lynch index data.
Icahn, who owns 14.8 percent of Navistar’s shares, is offering $3 billion for Oshkosh Corporation after a failed bid last year prompted speculation of a merger between the two companies.
