Primary prices massive $7.13 billion on Tuesday; Sensata, TriMas on par handles

By Paul A. Harris and Abigail W. Adams

Portland, Ore., March 16 –

A massive Tuesday session saw four issuers – three with $1 billion-plus megadeals – price a total of seven tranches of junk to raise a combined total of $7.13 billion.

Three of the four issuers came with a.m.-to-p.m. drive-bys, while the fourth, which had been in the market overnight, accelerated the timing.

Three of the four issuers upsized.

Executions were solid or better.

Meanwhile, it was another sideways day in the secondary space with volume light as market players eyed the deals in the pipeline.

New paper remained the driving force of trading activity.

However, while active, the deals to price during Monday’s session saw little movement in terms of price.

TriMas Corp.’s 4 1/8% senior notes due 2029 (Ba3/BB-) and Sensata Technologies BV’s 4% senior notes due 2029 (Ba3/BB+) were both on a par handle in active trading.

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