Primary prices $3.2 billion; Hawaiian outperforms; Viking, Rocket, Life Time flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 29 – Three issuers raised a total of $3.2 billion in four tranches on Friday, bringing total issuance for the week to $16.7 billion.

Meanwhile, it was an active day in the secondary space with an influx of new paper from Thursday’s session and American Airlines Group, Inc.’s and AMC Entertainment Holdings, Inc.’s junk bonds continuing to rally in heavy volume.

The new deals followed different trajectories in the secondary space with some lagging their issue prices, some falling flat and some posting gains.

While Viking Cruises Ltd.’s secured notes were wrapped around their issue price in high-volume activity, the cruise line operator’s unsecured notes were lagging – a surprise to some sources given the demand during bookbuilding.

Rocket Software Inc.’s 6½% senior notes due 2029 (Caa2/CCC+) and Life Time Inc.’s 8% senior notes due 2026 (Caa3/CCC-) and were largely flat in the aftermarket.

However, Hawaiian Airlines’ 5¾% five-year first-lien senior secured notes (Ba3//B+) outperformed with the notes several points above their discounted issue price.

ZoomInfo Technologies LLC’s 3 7/8% senior notes due 2029 (B3/B-) were also trading at a large premium to their issue price.

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