Back-loaded primary; Acrisure on tap; Frontier under pressure; energy names trade down

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 16 – While no new deals priced during Tuesday’s session, the July 15 week is shaping up to be back-loaded in a big way for the domestic high-yield primary market.

There is $10 billion of junk deals parked on the active calendar with most, if not all, of it expected to clear the market ahead of Friday's close.

Acrisure, LLC was the latest to join the forward calendar with a $300 million offering of seven-year senior notes (existing ratings Caa2/CCC+), which is expected to price on Thursday.

In the European market, Domestic & General restructured a heavily oversubscribed £630 million equivalent three-part offering with pricing expected on Wednesday.

Meanwhile, the secondary space was soft on Tuesday with the telecommunications and energy sectors leading the overall space lower, sources said.

Frontier Communications Corp.’s capital structure was under pressure after the company announced it would not hold a Q&A on its earnings conference call.

And several names in the oil patch were trading off alongside crude oil futures as geopolitical tensions between the U.S. and Iran eased.

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