Four issuers price $2.5 billion; calendar grows; Hawaiian Airlines jumps

By Abigail W. Adams

Portland, Me., Dec. 4 – The domestic high-yield primary market was wide open on Monday with four issuers pricing $2.5 billion and $2.4 billion in four deals joining the forward calendar.

In a deal that came on an accelerated timeline, HAT Holdings I LLC and HAT Holdings II LLC priced an upsized $550 million of green senior notes due June 2027.

Kinetik Holdings LP also priced $500 million of five-year sustainability-linked notes, Univision Communications Inc. priced an upsized $700 million add-on to its 8% senior secured notes due Aug. 15, 2028 and NextEra Energy Operating Partners, LP priced $750 million of five-year senior bullet notes.

The forward calendar also ballooned with offerings from Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer Inc., CQP Holdco LP and BIP-V Chinook Holdco LLC, J.B. Poindexter & Co., Inc. and Enova International Inc. slated to price before the end of the week.

The secondary space had a soft tone as Treasuries gave back some of their strong gains from last Friday’s session. Topical news sparked the largest price movements in the space.

Hawaiian Airlines, Inc.’s 5¾% senior notes due 2026 jumped double digits in heavy volume on Monday following news news of Alaska Airlines’ $1.9 billion acquisition of the company.

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