Junk market raises $1.58 billion; SoftBank megadeal eyed; Starwood at a premium; Exela jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 30 – Amid moderate to heavy news flow in the high-yield primary market three issuers priced single-tranche dollar-denominated deals, raising an overall total of $1.58 billion, with all three issuers coming at the conclusions of brief roadshows.

Meanwhile, the secondary space remained unchanged and closed the second quarter with credit spreads near all-time tights.

New paper remained in focus in the secondary space although topical news pushed some outstanding issues into the forefront.

Everi Holdings Inc. saw a strong break and jumped to a 102-handle while Elastic NV was changing hands with a nominal premium to its issue price.

Starwood Property Trust, Inc.’s 3 5/8% senior green notes due 2026 (Ba3/B+/BB+) continued to trade with a large premium to their issue price.

However, Exela Technologies Inc.’s 10% first-lien senior notes due 2023 were the major gainers in the secondary space with the notes jumping more than 20 points on the heels of a secondary offering.

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