Hot junk market brings three Wednesday issuers; KeHE adds after strong break; DISH rallies

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 24 – Three junk bond issuers used robust market conditions on Wednesday to price new deals.

Meanwhile, the secondary space was either side of unchanged with Treasury yields edging higher on the eve of the latest GDP print.

While the market was firm early in the session with expectations for a strong GDP print high, it leaked into the close, a source said.

However, it was a new issue-centric day in the secondary space with recently priced paper continuing to put in strong aftermarket performances.

KeHE Distributors, LLC’s new 9% senior secured notes due 2029 (B3/B) continued to add after a strong break with the notes jumping to a 101-handle.

Caesars’ new offering sparked activity in the company’s 7% senior secured notes due 2030 (Ba3/B) with the refinancing deal boosting its outstanding notes.

Outside of new paper, DISH Network Corp.’s senior notes (Caa2/CCC+) returned to focus with the notes rallying as the battle with creditors over a highly controversial asset transfer continues.

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