Equitrans, Darling price HY drive-bys; Carnival, Carvana come in; United Rentals down

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 31 – The final day of May brought $1.75 billion of new business in the form of drive-by bond deals from Equitrans Midstream Corp. and Darling Ingredients, Inc.

Both deals were upsized in a receptive market hungry for new paper.

Meanwhile, the rally in the secondary space paused on Tuesday with the cash bond market largely unchanged after last week’s phenomenal three-day rally that wiped out losses from the month.

However, with the Federal Reserve’s balance sheet runoff commencing and the 10-year Treasury yield again on the rise, sources questioned whether last week was the start of an upward trend or if more selling was in store.

Trading activity continued to focus on recent issues with Carnival Corp.’s 10½% senior notes due 2030 (B2/B) and Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) giving back some of last week’s gains.

Outside of recent issues, United Rentals (North America), Inc.’s rate-sensitive senior notes sank more than 2 points.

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