Golden Nugget megadeal prices; Ciena at a premium; DISH, DirecTV gain on merger talks

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 12 – Three issuers priced four junk-rated, dollar-denominated tranches to raise a total of $2.88 billion on a big Wednesday in the new issue market.

Meanwhile, the secondary space was firm on inflation news with the Consumer Price Index report coming in largely as expected.

While the market was strong early in the session, the rally petered out into the close and the market ended the day with only nominal gains.

While Treasuries continued to attempt a rebound with the 10-year Treasury yield dropping to 1.711% in intraday activity, it closed the day largely flat at 1.746%.

Ciena Corp.’s 4% senior notes due 2030 (Ba1/BB) were active with the notes trading with a large premium to their issue price.

However, DISH Network Corp. was the major winner of Wednesday’s session with the company’s capital structure up ½ to 3 points.

DirecTV Holdings LLC and DirecTV Financing Co. Inc.’s 5 7/8% senior secured notes due 2027 (Ba3/BB/BBB-) were also posting gains in active trading on news Dish and DirecTV were once again discussing a merger.

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