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Morning Commentary: Tenneco, Nielsen roadshows begin; Ford Motor Credit notes lower
By Abigail W. Adams
Portland, Me., Nov. 3 – No new deals were announced early Thursday as markets continued to digest Wednesday’s comments from Federal Reserve chair Jerome Powell.
However, the pipeline was 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.
Initial talk has the deal coming with a 2-point OID for an all-in yield in the high 10% to 11% area.
The deal was heard to be playing to strong demand with talk tightening from the early whisper for an all-in yield in the mid to high 11% area.
As the market awaits new paper from DISH, 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.
The Nielsen paper is whispered with a coupon of 9¼% to 9½% and an OID for an all-in yield of 10% to 11%.
Tenneco was whispered with a coupon of 8% and an OID for an all-in yield of 12%, according to market sources.
The deals are being marketed against a weak tape with heavy selling continuing in the secondary as the market responds to Powell’s hawkish comments, which indicated the terminal rate may be higher than anticipated.
The cash bond market opened down ¼ point, a source said.
Ford Motor Credit Co. LLC’s newly priced 7.35% senior notes due 2027 (Ba2/BB+/BB+) continued to weaken in active trading in the secondary.
The notes sank another ½ point and were wrapped around 99 in early trading.
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