Three junk issuers price another $2.78 billion of new paper; Royal Caribbean gains steam

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 16 – Three high-yield issuers, each bringing a single tranche of notes, priced a total face amount of $2.78 billion on Tuesday.

Meanwhile, it was a soft day in the secondary space as credit markets took a breather from the massive rally of the past three weeks.

While the overall market was softer on Tuesday, the flurry of deals to clear the primary market on Monday were performing well with money being put to work in the new issues.

Royal Caribbean Group’s new 11 5/8% senior notes due 2027 (B3/B) continued to gain after a strong break with the notes closing Tuesday about 2 points above their issue price.

The pricing and secondary market performance of the notes is in stark contrast to Royal Caribbean’s 5 3/8% senior notes due 2027 which priced in early January.

Sensata Technologies BV’s 5 7/8% senior notes due 2030 (Ba3/BB+) closed Tuesday’s session at a slight premium although the notes were briefly underwater in intraday activity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.