Vivint prices in junkland; Everi outperforms; Victoria’s Secret at a premium; Elastic flat

By Abigail W. Adams

Portland, Me., July 1 – The domestic high-yield primary market saw one deal price on Thursday.

Vivint (APX Group, Inc.) priced a downsized $800 million issue of eight-year senior notes.

There was some chatter about the Federal Reserve beginning to taper its bond purchases sooner than anticipated, which could alter the current trajectory of the market.

However, until that happens, the market is expected to remain strong.

“You can’t fight the Fed,” a source said.

New paper continued to dominate the tape with the issues to price during Wednesday’s session following mixed trajectories.

Everi Holdings Inc.’s 5% senior notes due 2029 (B3/B/BB-) maintained the large gains made after breaking for trade with the notes continuing to trade more than 2 points above their issue price.

Victoria’s Secret & Co.’s 4 5/8% senior notes due 2029 (B1/B+) were also putting in a solid performance with the notes trading with a decent premium.

However, Elastic NV’s 4 1/8% senior notes due 2029 (B1/B+) largely fell flat with the notes near their issue price.

Meanwhile, high-yield mutual and exchange-traded funds had their second consecutive week of inflows with $893 million entering the space, according to the Refinitiv Lipper US Fund Flows report.

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