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Primary sees busiest day of year; Sprint under pressure; funds lose $1.14 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 28 – In the biggest day in the U.S. high-yield primary market thus far in 2018, six issuers placed $4.68 billion face amount of junk in seven dollar-denominated tranches on Thursday.
Among the offerings, Nationstar Mortgage Holdings Inc. priced $1.7 billion of senior notes (B2/B+) in two tranches.
CHS/Community Health Systems priced an upsized $1,032,607,000 issue of 8 5/8% 5.5-year senior secured notes (B3) at 99.457 to yield 8¾%.
Stars Group Holdings BV priced an upsized $1 billion issue of eight-year senior notes (Caa1/B-/B-) at par to yield 7%.
The deluge of new paper entering the secondary space was the focus of trading activity with the new paper seen trading almost 1 point above their issue prices.
While Stars and Community Health were major volume movers, activity in the notes paled in comparison to the trading frenzy surrounding Transocean Guardian Ltd. Transocean’s newly priced 5 7/8% senior notes due Jan. 15, 2024 were above their issue price in high-volume trading.
Sprint Corp.’s junk bonds were under pressure on Thursday after a hearing before the Senate’s antitrust subcommittee earlier in the week raised doubts about its merger with T-Mobile US, Inc.
High-yield mutual funds and exchange-traded funds suffered a $1.135 billion loss of cash in the week to June 27, according to fund-flow statistics generated by AMG Data Services Inc.
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