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Junk brings $2.7 billion; calendar packed; CSC flat; Carriage Services below par; Dana gains
By Abigail W. Adams
Portland, Me., April 30 – The domestic high-yield primary market closed out Friday with $2.7 billion pricing over four deals.
May will open to a packed forward calendar with several megadeals on deck, including a $2.96 billion three-part acquisition financing deal from Allied Universal.
Meanwhile, the secondary space closed Friday weaker after firming the previous session. However, the cash bond market was largely unchanged on the week.
New paper continued to dominate the tape although with mixed performances.
Altice USA subsidiary CSC Holdings LLC’s newly priced tranches fell flat in active trading on Friday although the unsecured tranche slightly outperformed the secured tranche.
Carriage Services, Inc.’s 4¼% notes due 2029 (B2/B+) traded off alongside the broader market with the notes falling below par.
However, Dana Inc.’s 4¼% senior green bonds due 2030 (B2/BB/BB+) gained strength on Friday despite weak market conditions and closed the day on a 101-handle.
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