Primary prices over $6 billion; Bausch in focus; Diamond Sports gains; funds up $490 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 19 – News flow for the high-yield bond market remained heavy on Thursday with more than $6 billion of new deals pricing over the day.

Meanwhile, the secondary space logged minor gains on Thursday with the market opening the day unchanged but gaining some momentum as the session progressed.

New paper continued to dominate the tape with recent deals continuing to perform well.

Bausch Health Cos. Inc.’s recently priced tranches (B3/B/B) were in focus with the notes trading with a healthy premium.

While coming in from their highs after breaking for trade, Syneos Health, Inc.’s newly priced 3 5/8% senior notes due 2029 (B2/BB-) remained on a 101-handle in active trading.

Outside of recent issues, Diamond Sports Group LLC and Diamond Sports Finance Co.’s senior notes continued to improve in active trading on Thursday following parent company Sinclair Broadcasting’s strategic partnership with Bally’s Corp.

While inflows tempered compared to the massive $4.57 billion inflow the previous week, cash continued to enter the space.

High-yield mutual and exchange-traded funds had inflows of $490 million in the week through Wednesday’s close, according to the Refinitiv Lipper US Fund Flows Newsline.

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