CommScope, Clear Channel price; Altice adds on; Getty on deck; funds add $3.86 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 7 – For the first time in 2019, the high-yield primary market’s daily issuance topped the $5 billion mark.

Three issuers brought a combined five tranches to raise a total of $6.24 billion on Thursday.

CommScope Inc. priced an upsized $3.75 billion in three tranches.

Clear Channel Outdoor Holdings, Inc. priced an upsized $2.235 billion of five-year senior subordinated notes (Caa1/CCC+/CCC+).

And Altice USA returned with a $250 million tap of its recently priced 6½% senior notes due 2029.

Getty Images Inc. joined the forward calendar

While generally a soft day for the secondary market, the deals to price during Thursday’s session were well above their issue prices after breaking for trade.

Other issues did not fare so well. KB Home’s recently priced 6 7/8% senior notes due 2027 (B1/BB-) continued to sink further below their issue price.

Adient Global Holdings Ltd.’s 4 7/8% senior notes due 2026 saw a significant drop on Thursday after the automotive parts manufacturer released first-quarter earnings.

Meanwhile, high-yield mutual funds and exchange-traded funds saw a record-setting inflow of $3.859 billion for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

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