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Morning Commentary: New GTT Communications 7 7/8% notes rocket to 103; trio of issuers on deck
By Paul A. Harris
Portland, Ore., Dec. 9 – The new GTT Communications Inc. 7 7/8% senior notes due Dec. 31, 2024 (Caa1/B-) were soaring at 103 bid in Friday trading, according to a trader based on the East Coast of the United States.
The $300 million issue priced at par on Thursday, having played to a $1 billion order book, a market source said.
Elsewhere among Thursday's deals, the new Mattamy Homes 6 7/8% senior notes due Dec. 15, 2023 (B1/BB) were 101 7/8 bid on Friday morning.
The upsized $325 million issue (from $300 million) priced at par.
High-yield ETFs were modestly higher at mid-morning.
The iShares iBoxx $ High Yield Corporate Bd (HYG) was up 15 cents, or 0.19%, at $86.60 per share. The SPDR Barclays High Yield Bond ETF (JNK), at $36.50 per share, was up 0.11%, or 4 cents.
Primary market
A trio of issuers is expected to price a combined five tranches – four of them dollar-denominated – before the weekend.
Carlson Wagonlit BV is on deck with a $1,025,000,000 equivalent three-part offering.
The deal includes $750 million equivalent of senior secured notes due 2023 in two tranches and a $275 million tranche of senior unsecured notes due 2024.
There are dollar-denominated secured fixed-rate notes talked to yield 6¾% to 7%, at the wide end of the 6½% to 7% initial guidance.
The dollar-denominated fixed-rate unsecured notes are talked at 9¼% to 9½%, wide to the 8½% to 9% early guidance.
There is also a euro-denominated secured floating-rate tranche.
Elsewhere Starwood Property Trust, Inc.'s $500 million five-year senior bullet (expected ratings B1/BB-) is talked to yield 5% to 5¼%, tight to early guidance of 5½%.
And Downstream Development Authority is expected to price its $250 million offering of six-year senior secured notes on Friday.
Talk has the deal coming with a 10% yield at a discount, a trader said. That's wide of the 9½% to 9¾% initial guidance.
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