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DirecTV prices add-on; Ritchie Bros. on tap; secondary firms; Carnival gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 6 – The domestic high-yield primary market returned to action on Monday with one drive-by deal pricing and one more offering joining the forward calendar.
In a heavily oversubscribed offering, DirecTV priced an upsized $1.4 billion add-on to its 5 7/8% senior secured notes due Aug. 15, 2027 (Ba3/BB/BBB-).
Ritchie Bros. started a roadshow for $935 million equivalent dual-currency offering of senior notes (Ba3/BB).
The deal joins II-VI Inc.’s $990 million offering of eight-year senior notes on the forward calendar.
Meanwhile, it was a firm day in the secondary space with the cash bond market up ¼ to ½ point as the market rebounded from last Friday’s rout.
However, trading activity remained muted with market players reluctant to take on too much risk as the end of year approaches, a source said.
Travel names were well bid on Monday as investors shrugged off concern over the omicron Covid-19 variant.
Carnival Corp.’s 6% senior notes due 2029 (B3/BB-/B+) were on the rise in active trading on Monday.
However, the notes remained well below their previous levels prior to Europe’s Covid-19 lockdowns in late November.
MGIC Investment Corp.’s 5¼% senior notes due 2028 (Ba1/BB+) were active on Monday with the recent sell-off in the secondary market offering an attractive entry point for the notes.
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