Junk primary moves $4.23 billion of new paper; Sirius paper overwhelms; Charter edges up

By Paul A. Harris and Cristal Cody

Tupelo, Miss., Aug. 3 – The high-yield deal machine continued its full-throttle charge into August, with six issuers pricing dollar-denominated tranches to raise a combined $4.23 billion on Tuesday.

The first two sessions of August have seen a whopping $9.48 billion of issuance.

In the secondary, Sirius XM Radio’s $2.5 billion two-part offering of senior notes (Ba3/BB) priced Monday in a deal upsized from $2 billion saw strong demand in the primary market but not as much in the secondary market on Tuesday.

Charter Communications’ upsized $2 billion offering of 4¼% senior notes due 2034 (B1/BB) “had a little bit of a rough start to the day but seemed to recover,” a source said.

The notes were quoted trading by the close about ¼ point to ¾ point higher than issuance.

Overall market tone was unchanged to slightly better going out, according to market sources.

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