Another $3.56 billion clears junk primary; Viavi at a premium; RBC Bearings in demand

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 24 – The domestic high-yield primary market capped a high-volume week for new issuance with another $3.56 billion clearing the market.

The new deal activity pushed the weekly tally for new deals to $14.65 billion.

Altice France’s $2 billion offering of eight-year senior secured notes (B2/B) was the largest tranche to clear the market on Friday.

Meanwhile, the secondary space was slightly soft on Friday although volume outside of new issues was light – a common theme over the past few months.

“People have a lot of cash but they can’t find anything in the secondary so the focus is on new issues,” a source said.

Recent deals were putting in mixed performances in the secondary space.

DexKo Global Inc.’s 6 5/8% senior notes due 2029 (Caa1/CCC) and Catalent, Inc.’s 3½% senior notes due 2030 (B1/BB-) were “holding on to par for dear life,” a source said.

While Viavi Solutions Inc.’s 3¾% senior notes due 2029 (Ba2/BB+/BB) were trading at a premium to their issue price, they remained on a par handle.

However, RBC Bearings Inc.’s 4 3/8% senior notes due 2029 (B2/B+) outperformed in the aftermarket with the notes jumping to a 102-handle.

© 2015 Prospect News.
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