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Primary quiet; KIK in focus; Antero, Live Nation at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 18 – The domestic high-yield primary market was quiet on Friday after a high-volume week that saw a cumulative $11.6 billion price in 24 junk-rated, dollar-denominated tranches.
While many feel the primary market will remain closed for the remainder of the year, there may still be a deal or two before all is said and done, sources said.
Meanwhile, the secondary space was largely unchanged on Friday with volume light as the end of the year approaches.
New issues remained in focus and continued to perform well.
KIK Consumer Products’ two tranches of senior notes were active and trading at a steep premium to their issue price.
Antero Resources Corp.’s 8 3/8% senior notes due 2026 (B3/B) continued to trade on a 101-handle after a strong break the previous session.
While the notes did not reach the same heights as some of the other issues, Live Nation Entertainment, Inc.’s 3¾% senior secured notes due 2028 (B1/B+) were also seen at a premium to their issue price in active trading.
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