Primary prices $2.79 billion; Thiess withdraws offering; Ardagh active; Ocwen gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 1 – The high-yield new-issue market roared like a lion into the month of March with five issuers pricing an aggregate $2.79 billion.

Monday’s business included deals from Norwegian Cruise Line Holdings Ltd., Superior Plus LP and Superior General Partner Inc. and CPI Card Group.

However, Australian mining firm Thiess Group Holdings Pty Ltd. withdrew its $1.3 billion offering of senior secured bullet notes (Ba1/BBB-/BBB-), sources said.

Meanwhile, the secondary space pounced into March with the cash bond market up ¼ to ½ point with investors pouring back into risk assets.

“It’s like last week never happened,” a market source said.

The sell-off in risk assets that was sparked by rising Treasury yields faded into the backdrop on Monday with several names that were under pressure last week seeing a strong rebound.

NRG Energy Inc.’s junk bonds were among Monday’s biggest winners after the same bonds dropped below par last Friday.

As market players awaited the deluge of new paper in the pipeline, recent deals continued to dominate the tape.

Ardagh Metal Packaging Finance USA LLC’s dollar-denominated tranches were active although the notes were trading in a tight range around their issue price.

Ocwen Financial Corp.’s (PHH Mortgage Corp.) 7 7/8% senior secured notes due 2026 (B2/B-) were trading well above their discounted issue price.

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