TKC Holdings, ION Trading price; MSCI gains; Cogent at a premium; Mavis under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 3 – In a deal held over the weekend, having undergone revisions, covenant changes and widening talk last week, TKC Holdings, Inc. priced an upsized $1.1 billion of junk in two tranches on Monday.

And ION Trading Technologies Sarl priced a $450 million issue of seven-year senior secured notes

Meanwhile, the secondary space was slightly improved on Monday although volume remained light with focus on the forward calendar and earnings, sources said.

Recent issues continued to dominate the tape, although they followed different trajectories.

While pressure remains on low-coupon, high-duration bonds, MSCI Inc.’s split-rated 3 5/8% senior notes due 2031 (Ba1/BB+/BBB-) bucked the trend with the notes continuing to improve in active trading.

Cogent Communications Group, Inc.’s 3½% senior notes due 2026 (Ba3/BB) were also trading with a healthy premium in the aftermarket.

However, despite their large coupon, Mavis Tire Express Services’ 6½% senior notes due 2029 (Caa2/CCC) saw a lackluster reception in the secondary space with the notes, at times, lagging their issue price.

Meanwhile, outside of recent issues, PBF Holding Co. LLC/PBF Finance Corp.’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) continued to rip with the notes rising to a 105-handle.

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