DISH on tap, existing paper drops; Tenneco, Nielsen junk roadshows begin; CSC hits new low

By Abigail W. Adams

Portland, Me., Nov. 3 – The domestic high-yield primary market paused on Thursday with no new deals announced or priced as markets continued to digest Wednesday’s hawkish comments from Federal Reserve chair Jerome Powell.

However, the pipeline is full with three deals totaling $4.96 billion on deck, including two leveraged buyout deals that have long been on hold due to market conditions.

DISH Network Corp.’s $2 billion offering of five-year non-call-two-year senior secured notes (Ba3/B+) is expected on Friday.

However, DISH’s capital structure was taking a hit on the new offering with its existing notes down 1 to 4 points on Thursday.

Neptune BidCo US Inc. started a roadshow for its $1.96 billion of senior secured notes due April 15, 2029 backing the buyout of Nielsen Holdings plc, and Pegasus Merger Co. started its roadshow for $1 billion of six-year non-call-three-year senior secured notes backing the buyout of Tenneco Inc.

In the secondary, the cash bond market fell another ¾ point to 1 point on Thursday.

While the market was weak across the board, Altice USA Inc. subsidiary CSC Holdings LLC’s senior notes were the largest losers in the space with the notes down 3 to 6 points post-earnings.

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