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Viper drives by; Newfold joins junk calendar; Norwegian sinks; funds lose $2.45 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 12 – In the junk primary market, Viper Energy Partners LP priced a $400 million issue of split-rated eight-year senior notes (Ba3/BBB-/BB-) at par to yield 7 3/8% in a Thursday drive-by.
The yield printed at the wide end of yield talk in the 7¼% area but tight to initial guidance in the 7½% area.
On the break a small amount of the deal traded on the high-yield desk at par 1/8 bid, par ½ offered, a trader said.
Newfold Digital Holdings Group, Inc. began a roadshow for a $500 million offering of five-year senior secured notes (B2/B/BB-).
Initial guidance has the notes coming to yield in the high 11% to 12% area, with pricing set for the week ahead.
Meanwhile, the secondary space was volatile as the market digested the latest Consumer Price Index report.
The market appeared unfazed after the report’s release with the cash bond market up about 1/8 point.
“Then it flattened,” a source said.
Norwegian Cruise Line Holdings Ltd. subsidiary NCL Corp. Ltd.’s new 8 1/8% senior secured notes due 2029 (B1/BB-) sank underwater in the heavy market conditions with the notes closing the session on a 99-handle.
Meanwhile, high-yield mutual funds and exchange-traded funds continued to see outsized outflows with $2.45 billion leaving the space in the week through Wednesday’s close, a source said.
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