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W.R. Grace prices; junkland indecisive; Albertsons goes nowhere; Alliant, Nielsen struggle
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 7 – The domestic high-yield bond primary market remained open for business on Tuesday with one deal pricing and the forward calendar continuing to grow.
W.R. Grace Holdings LLC priced an upsized $350 million issue of eight-year senior secured notes (B1/B/BB+) in a Tuesday drive-by.
Meanwhile, the secondary space remained indecisive about the Federal Reserve’s path forward on Tuesday with chair Jerome Powell’s midsession comments doing little to give the market clarity.
The cash bond market closed the session better bid than at the open but largely unchanged on the day.
The pullback in the market was taking its toll on new and recent deals with the issues to price during Monday’s session struggling in secondary market activity.
Albertsons Cos., Inc.’s 6½% senior notes due 2028 (Ba3/BB) “didn’t go anywhere,” a source said, with the notes flatlining since breaking for trade.
Alliant Holdings Intermediate, LLC and Alliant Holdings Co-Issuer, Inc.’s 6¾% senior secured notes due 2028 (B2/B) quickly fell below par although the notes pared their losses amid the intraday rally in the market.
Nielsen Holdings plc’s 9.29% senior secured notes due 2029 (B2/B/BB) also sank well below their add-on price before trimming some losses into the close.
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