Wyndham, POWDR price; MasTec on tap; Norwegian flat; Ford gains; Icahn active

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 20 – While new deal activity is expected to be muted in the coming days due to the earnings season blackout, the domestic high-yield primary market’s deal stream was steady on Monday.

Wyndham Destinations, Inc. priced an upsized $500 million issue of six-year senior secured bullet notes (Ba3/ BB-/BB+), and POWDR Corp. priced a $300 million issue of five-year senior secured notes (B1/B).

The forward calendar also grew with MasTec, Inc. planning to price a $400 million offering of eight-year senior notes (Ba3/BB) on Tuesday, and Empire Resorts Inc. in the market with a benchmark offering of dollar-denominated senior secured notes.

In the European primary market, Stonegate kicked off a two-part sterling- and euro-denominated offering.

Meanwhile, the secondary space launched the week on strong footing. However, volume remained light with the new deal pipeline slowing down, sources said.

Norwegian Cruise Line Holdings Ltd.’s recently priced 10¼% senior notes due 2026 (Ba2/BB) remained active although the notes were largely trading sidewise.

Ford Motor Co.’s 8½% senior notes due 2023, a stalwart on the trace chart, continued their upward momentum with the notes gaining another 1 point.

Icahn Enterprises LP and Icahn Enterprises Finance Corp.’s 4¾% senior notes due 2024 saw renewed attention in the secondary space with the notes among the top traded during Monday’s session.

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