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Junk primary raises $2.1 billion; Coinbase disappoints; Caesars up; Wynn under pressure
By Paul A. Harris and Cristal Cody
Tupelo, Miss., Sept. 15 – Three issuers priced a total of four tranches, raising an overall total of $2.1 billion during Wednesday's high-yield primary market session.
Executions were sharp, with two tranches coming inside of talk, and the other two at the tight ends of talk.
In the secondary, Diversey Holdings Ltd.’s $500 million of senior notes due October 2029 (Caa1/B) rallied 1 5/8 points on more than $96 million of volume by the close.
“It’s mostly new issues trading,” a source said. “That seems to be the most active stuff and everything was up about 1 point or so today.”
Crypto trader Coinbase Global, Inc.’s $2 billion two-part offering of senior guaranteed notes (Ba1/BB+) priced to strong demand on Tuesday was an exception with both tranches down about 1 point.
The tranches were among the most heavily traded junk bonds on Wednesday.
Caesars Entertainment Inc.’s newly priced 4 5/8% senior notes due October 2029 (Caa1/CCC+) picked up steam with the paper up 1¼ points by the close.
The prospect of tighter casino regulations pushed China’s dollar gaming bonds lower Wednesday.
Wynn Las Vegas LLC’s 5½% senior notes due March 2025 (B1/BB-) were down about 3 points midmorning before clawing back losses to end the day off 1 7/8 points.
Wynn Macau Ltd.’s paper dove about 3¾ points by the finish.
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