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Primary prices another $3.6 billion; Nielsen, Switch trade up; PDC Energy trades off
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 11 – The domestic high-yield primary market continued to churn out new deals at a blistering pace on Friday with four issuers selling another $3.6 billion of high-yield notes in five tranches.
The post-Labor Day primary market, to the end of the first holiday-abbreviated week, set a blistering $4 billion per day pace, with $16.1 billion clearing the market in 24 junk-rated, dollar-denominated tranches, to Friday's close.
New paper remained in focus in the secondary space with the majority of deals performing well.
Nielsen Holdings plc’s two tranches of senior notes (B2/BB-), Cornerstone Building Brands, Inc.’s 6 1/8% senior notes due 2029 (Caa1/B-), and Switch Telecommunication Co.’s 3¾% senior notes due 2028 (B1/BB) were all trading with large premiums in high-volume activity.
However, PDC Energy, Inc.’s 5¾% senior notes due 2026 (Ba3/BB) were trading off following Thursday’s add-on.
While new paper continued to dominate the tape, the overall cash bond market was largely unchanged on Friday after a volatile week.
While the secondary space was soft in the face of the sell-off in equities and the influx of new paper, it held up fairly well, sources said.
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