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Market Commentary: BBB Industries prices; funds see big Thursday inflows
By Paul A. Harris
Portland, Ore, July 17 – Junk bonds were trading up ¼ point or better as stock prices see-sawed up and down across the balk line on Friday morning, according to a bond trader in New York.
Among recent issues, the NCL Corp. (Norwegian Cruise Line) 10¼% senior notes due 2026 (Ba2/BB) were trading above their new issue price at par ½ bid.
The upsized $750 million issue (from $675 million) priced at par on Thursday, heard to around three-times oversubscribed.
The debut issue by AdaptHealth LLC, the 6 1/8% senior notes due 2028 (B1/B+) were trading at a smart premium to their new issue price at 102¼ bid.
The upsized $350 million issue (from $300 million) priced at par on Wednesday.
The Freeport-McMoRan Inc. 4 5/8% senior notes due 2030 were at 102¼ on Friday morning. The upsized $850 million tranche priced at par on Monday in a deal that also included an upsized $650 million tranche of 4 3/8% notes due 2028.
Both tranches were upsized from $400 million. The overall $1.5 billion of issuance was heard to have been playing to $4 billion of demand across both tranches.
Meanwhile, in an otherwise quiet primary market GC EOS Buyer, Inc., doing business as BBB Industries, priced a $240 million issue of 9¼% five-year senior secured notes (Caa1/CCC+) at 95.229 to yield 10½%, the yield coming at the wide end of the 10¼% to 10½% yield talk (see related story in this issue).
$766 million Thursday inflows
The dedicated high-yield bond funds had $766 million of net inflows on Thursday, according to a market source.
High-yield ETFs saw $598 million of inflows on the day.
Actively managed high-yield funds saw $168 million of inflows on Thursday, the source said.
News of Thursday's daily fund flows follows a Thursday afternoon report that the dedicated high-yield bond funds saw $834 million of net inflows in the week to Wednesday's close, according to Refinitiv Lipper Fund Flow Report Newsline.
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