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L Brands prints year's first deal, Sunoco $1.75 billion planned for Tuesday
By Paul A. Harris
Portland, Ore., Jan. 8 – Junk was flat to modestly higher, up 1/8 point to ¼ point on Monday, a trader said.
The CDX HY29 index ended the session up 0.026 points at 108.925 bid, 109.005 offered, a hedge fund manager said.
In the secondary market, there was a bit of profit taking, especially in the roaring energy sector, sources said.
In the primary market, L Brands, Inc. priced the first deal of 2018, a $500 million issue of 10-year senior bullet notes (Ba1/BB+/BB+) that came at par to yield 5¼%.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Monday's sole deal, which came as a drive-by, played to a considerable following. Not long before books closed orders were said to be $1.3 billion and growing.
BofA Merrill Lynch, Citigroup, HSBC, J.P. Morgan and Wells Fargo were the joint bookrunners.
The Columbus, Ohio-based operator of specialty stores plans to use the proceeds to redeem its 8½% senior notes due June 15, 2019.
Sunoco LP and Sunoco Finance Corp. plan to price $1.75 billion of senior notes in three tranches on Tuesday, according to a syndicate source.
The offer features $500 million minimum of notes due January 2023, $500 million minimum of notes due February 2026 and $400 million minimum of notes due March 2028.
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