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High yield: Great Lakes, Club Car price; secondary heavy; Kaiser flat; Park Hotels gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 12 – The domestic high-yield primary market saw two oversubscribed deals price on a rough day for risk assets.
Club Car LLC priced an upsized $525 million issue of eight-year senior notes (Caa2/CCC+) and Great Lakes Dredge & Dock Corp. priced a $325 million issue of eight-year senior notes (B2/B).
Meanwhile, it was another heavy day in the secondary space as April’s consumer price index report rattled investors and sparked a run from risk assets.
However, while the secondary space was heavy, it held up well compared to other asset classes.
Volume outside of new issues remained light with few holders selling. “It’s just bids,” a source said. “It’s still very difficult to buy.”
Despite the down day for the market, Park Hotels & Resorts Inc.’s 4 7/8% senior notes due 2029 (B+) were gaining strength with the notes trading up to a 101-handle.
While the notes maintained a slight premium, Kaiser Aluminum Corp.’s 4½% senior notes due 2031 (B1/BB/BB) continued to trade on a par-handle at roughly the same level they hit after breaking for trade.
While several recent issues were holding above par, DISH DBS Corp.’s 5 1/8% senior notes due 2029 (B2/B-) continued to trend lower in active trading with the notes now firmly below par.
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