Drive-by parade continues with Avis, CNH and Clean Harbors deals; recent issues hold gains

By Paul Deckelman and Paul A. Harris

New York, March 14 – The junk bond juggernaut continued to roll on as the new week opened on Monday.

High yield syndicate sources saw a pair of quick-to-market transactions get done just hours after those deals had first surfaced in the market.

The big deal of the day came from a U.S. financing unit of international truck and agricultural machinery maker CNH Industrial NV, which brought $500 million of five-year notes to market. The issue priced too late in the session for any real aftermarket activity, the sources said.

Earlier in the session, Avis Budget Car Rental, LLC, drove by with an upsized $350 million of eight-year notes. The No. 2 car rental company’s new paper firmed slightly, on brisk volume.

And environmental, energy and industrial services provider Clean Harbors, Inc. did an upsized $250 million offering to its existing 2021 notes.

The new add-on was quoted a little firmer from the bonds’ issue price.

Traders meantime saw last week’s new deals from Extended Stay America, Inc., Lease Plan Corp NV, Sinclair Broadcast Group, Inc. and First Data Corp. essentially holding their own at the levels to which they had firmed last week.

Statistical market performance measures turned mixed on Monday, after having finished higher across the board for two consecutive sessions on Thursday and Friday. It was their second mixed session in the last four trading days.

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