Primary prices $3.12 billion; Clarivate unsecured weaken; MicroStrategy rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 14 – The June 14 week exploded off the starting line, in the primary market, with a handful of issuers raising $3.12 billion at the high-yield drive-through window.

Hannon Armstrong Sustainable Infrastructure Capital priced an upsized $1 billion issue (from $750 million) of 3 3/8% five-year senior bullet notes.

Comstock Resources, Inc. priced a twice-upsized $965 million issue of 5 7/8% 8.5-year senior notes.

Ingles Markets, Inc. priced a $350 million issue of 4 1/8% 10-year senior notes.

Meanwhile, it was another sideways day in the secondary space with the cash bond market largely unchanged as market players eyed the new deals in the pipeline.

New and recent issues continued to dominate the tape.

Clarivate Science Holdings Corp.’s two tranches remained active.

While the secured tranche was largely unchanged, the unsecured tranche was coming in from the heights reached after breaking for trade.

MicroStrategy Inc.’s 6 1/8% senior secured notes due 2028 (B1/B-) rebounded in active trading with the notes again approaching par after trading well below the previous session.

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