Mattamy, Gates Global price; Centene on tap; Sinclair, Teva flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 20 – After opening the week with a pair of sessions that saw north of $2.5 billion of issuance apiece, high-yield issuance dropped off to just over $1 billion on Wednesday.

Two drive-by issuers raised $1,068,000,000, pricing one tranche each.

Gates Global LLC priced a $568 million issue of six-year senior notes (Caa1/B), and Mattamy Group Corp. priced an upsized $500 million issue of eight-year senior notes.

While the new deal activity slowed on Wednesday, two megadeals are on deck for Thursday.

Centene Corp. is set to price its $7.25 billion three tranche deal (Ba1/BBB-/BB+), and VICI Properties Inc. is on deck with a $1.75 billion offering of senior notes (B1/BB/BB).

Compass Minerals International is slated to price a $500 million offering.

In the European market, Jaguar Land Rover Automotive plc is expected to price a benchmark euro-denominated offering.

Meanwhile, the secondary space was soft on Wednesday with renewed trade concerns putting a damper on the market.

Teva Pharmaceutical Industries’ newly priced 7 1/8% senior notes due 2025 (Ba2/BB) and Sinclair Television Group, Inc.’s 5½% senior notes due 2030 were wrapped around their issue price in the secondary space.

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