Junk calendar grows; DISH, Nielsen on tap; secondary falls post-Fed; Ford below par

By Abigail W. Adams

Portland, Me., Nov. 2 – While no deals priced during Wednesday’s session, the domestic high-yield primary market continued to show signs of life with two chunky offerings joining the forward calendar.

DISH Network Corp. plans to price $2 billion of five-year non-call two-year senior secured notes (B+) on Friday.

Neptune BidCo US Inc. also announced late in the session that it will start a roadshow on Wednesday for a $1.96 billion offering of senior secured notes due April 15, 2029 backing the buyout of Nielsen Holdings plc.

Pegasus Merger Co. announced on Tuesday a roadshow for a $1 billion offering of six-year senior secured notes backing Apollo’s buyout of Tenneco Inc.

In the secondary, with prices falling after the Fed announced another 75 basis points rate increase, Ford Motor Credit Co. LLC’s newly priced 7.35% senior notes due 2027 (Ba2/BB+/BB+), the deal that reopened the primary after nearly two weeks, sank below par in heavy volume.

Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B), the last LBO deal to clear the primary market, gave back most of its gains from last week’s rally and returned to an 85-handle.

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