AAdvantage prices, rips on the break; Avis at 102; Synaptics, Crocs, Mattel on par-handles

By Paul A. Harris and Abigail W. Adams

Portland, Ore., March 10 – American Airlines, Inc. and its AAdvantage Loyalty IP Ltd. frequent flyer program stole the show in the new issue market on Wednesday with an upsized $6.5 billion amount of amortizing senior secured bullet notes (Ba2//BB) in two tranches.

Meanwhile, it was a quiet day in the secondary space on Wednesday with the overall market largely unchanged.

Exchange-traded funds continued to be the primary movers of prices in the secondary space and new paper continued to be the driving force of trading volume.

While several recent deals were in demand during bookbuilding, they remained on par-handles in the secondary.

Mattel, Inc.’s two tranches of senior notes (Ba2/BB/BB), Synaptics Inc.’s 4% senior notes due 2029 (Ba3/BB-/BB), and Crocs, Inc.’s 4¼% senior notes due 2029 (B1/BB-) were among the recent deals to remain on par handles in the secondary.

However, Avis Budget Group, Inc.’s 4¾% senior notes due 2028 (B3/B) outperformed with the notes jumping to a 102-handle.

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