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Primary prices $1.8 billion; DISH notes soften; Station Casinos up; Ford unchanged
By Paul A. Harris and Cristal Cody
Tupelo, Miss., Nov. 15 – The Nov. 15 week in the high-yield new-issue market got underway to a burst of business, as four drive-by issuers, each bringing a single junk-rated, dollar-denominated tranche, raised $1.8 billion.
Compass Group Diversified Holdings LLC priced $300 million of 5% senior notes due January 2032 (B1/B+) at par, at the tight end of the 5% to 5¼% yield talk, and tight to initial guidance in the low 5% area.
Meanwhile Covanta Holding Corp. announced a $300 million offering of sustainability-linked notes backing the buyout of the company by EQT Infrastructure.
New issues priced late in the day on Monday and were not immediately seen in the secondary market, a source said.
The new secured notes (Ba3/B+) from DISH Network Corp. and DISH DBS Corp. stayed soft over the session.
Dish’s 5¾% notes due 2028 were down 3/8 point.
Station Casinos LLC’s $500 million issue of 4 5/8% senior notes due 2031 (B3/B-), priced in the prior week, edged up 1/8 point on $23 million of volume.
Meanwhile, Ford Motor Co.’s 3¼% senior green bonds due 2032 (Ba2/BB+/BB+) continued to attract attention in the secondary space with nearly $29 million of supply on Monday.
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