TransDigm, Restaurant Brands, Tenet price; Carnival flat; record $7 billion funds inflow

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 2 – In the high-yield bond market it was risk-on during the Thursday session, as the new issue bourse saw its first multiple-issue session since it closed due to volatility in early March

TransDigm Inc., Restaurant Brands International Inc. and Tenet Healthcare Corp. priced new issues against a backdrop of global news headlines that could scarcely have been more dire as the number of confirmed coronavirus cases, worldwide, crossed the 1 million threshold.

Meanwhile, the secondary space was largely flat on Thursday with volume light as illiquidity continues to stall the market.

While TransDigm and Tenet Healthcare prepped new offerings, their outstanding notes were trading off as they became less attractive to investors.

Carnival Corp.’s newly priced 11½% three-year first-priority senior secured notes (Baa2/BBB-), high-grade paper that played to high-yield accounts, were largely wrapped around their issue price in high-volume activity.

Also, the market learned that the dedicated high-yield bond funds experienced a record $7.092 billion of inflows during the week to Wednesday's close, according to the Refinitiv Lipper Fund Flow report.

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