High-yield secondary firms; Brightline East for sale; ION improves

By Abigail W. Adams

Portland, Me., April 26 – The domestic high-yield primary market was dormant on Friday with the calendar empty as the stampede of issuance in early to mid-April continued to dwindle.

While the primary market operated at a steady pace over the past week with $3.24 billion pricing in five dollar-denominated tranches, the past week was one of the lighter volume weeks of the year with the market averaging between $6 billion to $8 billion in weekly issuance, according to Prospect News data.

The secondary space continued to firm on Friday after the release of the Consumer Price Expenditure report.

While the report came in above expectations on an annual basis, the monthly increase of 0.3% was largely inline with expectations.

Markets were breathing a sigh of relief with the cash bond market adding 1/8 to ¼ point to nearly eliminate losses from the previous session, a source said.

Helios Software Holdings, Inc. and ION Corporate Solutions Finance Sarl’s new 8¾% senior secured notes due 2029 (B2/B) improved alongside the broader market after a flat break the previous session.

However, even as the broader market firmed, Brightline East LLC’s 11% senior secured notes due Jan. 31, 2030 (B/B) continued to struggle with the notes breaking below a 99-handle.

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