CVR, CQP cap active week of junk issuance; J.B. Poindexter extends gains; iHeart falls

By Abigail W. Adams

Portland, Me., Dec. 8 – The domestic high-yield primary market capped a high-volume week of issuance with two deals totaling $1.1 billion.

CVR Energy Inc. priced $600 million of five-year senior notes (B1/B+/BB-) and CQP Holdco LP and BIP-V Chinook Holdco LLC priced a downsized $500 million offering of 10-year senior secured notes (B1/BB).

While fatigue was starting to set in, the new paper still played to solid demand and both notes were trading flat or at a premium to their issue prices in aftermarket activity.

The secondary space had a softer tone on Friday as Treasury yields rose on the heels of a better-than-expected U.S. nonfarm payrolls report.

The secondary space was holding up comparatively well with buyers still active in the space with the cash bond market off about 1/8 point, a source said.

J.B. Poindexter & Co., Inc.’s 8¾% senior notes due 2031 continued their strong upward momentum in active trade.

Outside of recent issues, iHeartCommunications, Inc.’s senior notes sank 2 to 4 points in active trade after a ratings downgrade.

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