Secondary rally continues, eliminates monthly losses; Nissan in demand; DISH pares losses

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 31 – The final week of March saw the dollar-denominated high-yield new issue market's first reopening since the week beginning Feb. 26.

Two issuers raised a combined $597 billion of proceeds.

Both of the week's deals, one tranche apiece from EnLink Midstream, LLC and LABL, Inc., priced in a.m.-to-p.m. drive-by executions that came tight or rich to talk.

The secondary space continued its uptrend on Friday to close a volatile month on firm footing.

A rate rally largely drove the gains in the secondary space with BB and investment grade credits the largest benefactors, according to a BofA Global Research report.

Nissan Motor’s cross-over senior notes (Baa3/BB+) remained sought after with the notes making strong gains since S&P downgraded the company to junk.

DISH Network Corp.’s senior notes continued their strong rebound with the notes slashing their losses from a brutal month by more than half over the past three sessions.

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