Taylor Morrison, Alcoa, Studio City price; TripAdvisor soars; Avantor gains; AA sinks

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 8 – The high-yield primary market had another active session on Wednesday with two drive-by deals and a crossover trade pricing.

Macau's Studio City Finance Ltd. priced $1 billion of senior notes (B1/BB-) in two tranches.

While the deal will trade off the emerging market desk, it will be closely followed by high-yield investors.

In drive-by action, Taylor Morrison Communities Inc. priced an upsized $500 million issue of 10-year senior bullet notes (Ba3/BB) and Alcoa Corp. priced an upsized $750 million issue of 7.5-year senior notes (Ba1/BB+).

The European primary market was also active with Autodis pricing its €300 million issue of five-year senior secured notes (Caa1/B-).

Meanwhile, in the secondary Avantor Funding Inc.’s 4 5/8% senior notes due 2028 (B3/B-/BB) continued to gain in active trading after a strong break.

TripAdvisor Inc.’s 7% senior notes due 2025 (B1/BB-) were in demand with the notes jumping to a 102-handle.

Outside of recent issues, American Airlines, Inc.’s senior notes continued to sink as rumors circulated the market about a potential bankruptcy filing.

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