High yield: Allied Universal, Vistra price; Community Health up; Diamond Sports gains again

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 5 – Investors continued to prefer yield to security in Junkbondland, evidenced in the pricing of the megadeal from Allied Universal on Wednesday in the primary.

Additionally, the primary posted a notable drive-by $1 billion-plus deal from Vistra Operations LLC.

Meanwhile, the secondary space was mixed on Wednesday with pockets of strength and pockets of weakness as investors digest the onslaught of earnings from high-yield issuers, sources said.

CHS/Community Health Systems Inc.’s recently priced 6 1/8% junior priority secured notes due 2030 (Caa3//CC) continued to gain momentum in active trading on Wednesday.

Outside of recent issues, Diamond Sports Group LLC’s secured and unsecured notes rocketed higher in active trading following parent company Sinclair Broadcast Group Inc.’s earnings report.

However, Rayonier Advanced Materials Inc.’s 5½% senior notes due 2024 were trading off following the chemical company’s earnings.

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