Primary prices $4.6 billion; forward calendar swells; United Rentals in focus; Rolls-Royce trades off

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 3 – August in the high yield primary market got underway with a monster Monday with 11 new deals announced.

Apache Corp., Service Corp. International, Nationstar Mortgage Holdings Inc., (Mr. Cooper Group), Sensata Technologies, Inc., Group 1 Automotive Inc. and Avis Budget Car Rental LLC and Avis Budget Finance Inc. priced a cumulative $4.6 billion in drive-by action.

The forward calendar also swelled with Melco Resorts Finance Ltd., Xerox Holdings Corp., Harvest Midstream I LP and STL Holding Co. LLC jumping on board.

Meanwhile, the secondary space was largely flat on Monday with volume relatively light as the active pipeline of new issuance took center stage, sources said.

United Rentals (North America), Inc.’s new 3 7/8% senior notes due 2031 (Ba3/BB-) were in focus with the notes trading with a large premium.

NFP Corp.’s recently priced 6 7/8% senior notes due 2028 (Caa2/CCC+) were again on the rise on Monday.

Outside of new paper, Rolls-Royce Holdings plc’s 3 5/8% senior notes due 2025 were trading off in high-volume activity on Monday, giving back some of the gains from their rally the previous week.

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