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$3.55 billion of new junk bonds; Hilton struggles; Ingles weakens; Comstock, LGI at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 15 – Amid heavy news volume on Tuesday half a dozen issuers priced a $3.55 billion face amount of dollar-denominated junk, with each issuer bringing a single tranche.
The secondary space remained near record tights although activity outside of recent issues was limited.
“Flow-wise it’s been very quiet,” a source said. “Unless you’re chasing new issues, there’s not a whole lot going on.”
Carry-over activity in the deals that priced during Monday’s session accounted for the majority of activity on Tuesday, as market players awaited the onslaught of deals in the pipeline to price.
Hannon Armstrong Sustainable Infrastructure Capital, Inc.’s 3 3/8% senior notes due 2026 (BB+) fell flat in the aftermarket with the notes priced to perfection, sources said.
Ingles Markets, Inc.’s 4% senior notes due 2031 (Ba2/BB) weakened in active trading after a strong break the previous session.
LGI Homes, Inc.’s 4% senior notes due 2029 (Ba2/BB-) and Comstock Resources, Inc.’s 5 7/8% senior notes due 2030 (B3/B/B+) were trading with large premiums to their issue prices.
However, Hilton Grand Vacations Inc.’s 4 7/8% senior notes due 2031 (B2/B-) struggled with the notes, at times, lagging their issue price in intraday activity.
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