Junk: Bread, Icahn price; Community Health struggles; OneMain flat; Venture Global falls

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 12 – In the junk bond primary market on Tuesday all eyes were on Bread Financial Holdings, Inc. and a drive-by offering from long-absent Icahn Enterprises LP and Icahn Enterprises Finance Corp.

Meanwhile, the secondary space continued to rally in the wake of the latest Consumer Price Index report with the market optimistic ahead of the Federal Open Market Committee’s Wednesday announcement.

With the primary pipeline still hopping as issuers rush to price deals amid hot market conditions, new paper remained in focus in the secondary space.

However, the deals to price during Monday’s session saw lackluster performances in the aftermarket.

OneMain Finance Corp.’s 7 7/8% notes due 2030 (Ba2/BB/) fell flat in active trade with the notes wrapped around their discounted issue price.

Community Health Systems, Inc.’s new 10 7/8% senior secured notes due 2032 (Caa1/B-/B+) struggled with the notes closing the day below their issue price.

While the broader market remained strong, Venture Global LNG Inc.’s 9˝% senior secured notes due 2029 and 9 7/8% senior secured notes due 2032 (B1/BB/BB) took a hit after hovering near their highest levels since pricing.

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