SoftBank, OCI, Fidelity price; Hub, Heartland launch roadshows; California Resources gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 17 – The high-yield primary market saw an active day on Tuesday with three deals pricing and the forward calendar in both the domestic and European market growing.

SoftBank Group Corp. made a benchmark placement of senior notes (Ba1/BB+) in four tranches in a Regulation S offering. The sale included €1.45 billion of euro-denominated debt and $750 million in dollars.

OCI NV priced five-year senior secured notes (B1/BB-/BB-) in a dual-currency offering. The $650 million of dollar-denominated notes were seen trading up after they broke for trade. It also sold €400 million of euro notes.

Fidelity & Guaranty Life Holdings, Inc. priced a $550 million issue of 5½% seven-year senior bullet notes (Ba2) at 99.5 to yield 5.587%.

Hub International Ltd. and Heartland Dental, LLC launched roadshows on Tuesday.

The European primary remained active with two junk-rated bank perpetuals pricing and two new deals added to the calendar.

While the primary market worked to generate new paper, the secondary market continued to see gains with credit spreads continuing to grind tighter.

California Resources Corp.’s 8% senior notes due 2022 were up another point on Tuesday even as the price of crude oil “took a breather,” a market source said. The oil and gas sector is expected to remain firm against the current macro backdrop.

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