United in focus; CoreLogic flat; primary expects three more deals; funds lose $132 million

By Paul A. Harris and Abigail W. Adams

Portland, Ore., April 15 – There was no evidence of fatigue on Thursday in the high-yield market after the thrust of energy in the space around the $4 billion downsized United Airlines issue which priced on Wednesday.

As it shifted into secondary territory, the United two-part deal maintained an intensity of attention.

The notes continued to trade at massive premiums to their issue price in high-volume activity.

Generally, it was a strong day in the secondary space as equity markets broached fresh heights and the 10-year Treasury yield saw its largest single-day decline since last November on the heels of positive earnings.

Several other deals besides United were putting in admirable performances in the aftermarket.

BroadStreet Partners Inc.’s 5 7/8% senior notes due 2029 (Caa1/CCC+) and R.R. Donnelley & Sons Co.’s 6 1/8% senior secured notes due 2026 (B1/B+) were trading 1 to 2 points above their issue prices.

However, CoreLogic Inc.’s 4½% senior secured first-lien notes due 2028 (expected ratings B1/B) fell flat.

Back to the primary space, Boyne USA, Inc. and GMS Inc. priced deals during the session with more business expected to conclude by the weekend.

Meanwhile, outflows resumed for high-yield mutual and exchange-traded funds, which lost $132 million in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.

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