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June pushes to nearly $50 billion with deals from AA, DISH and Minerals; travel sells off
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 24 – As of Wednesday’s session, June 2020 now holds the record for high-yield issuance.
With $3.88 billion of new paper entering the primary, American Airlines, Inc., DISH Network Corp. and Minerals Technologies Inc. definitively pushed June past the previous record set in 2013.
As of press time, Mileage Plus Holding, LLC and Mileage Plus Intellectual Property Assets, Ltd., subsidiaries of United Airlines Holdings, Inc., had not released details on its $3 billion of seven-year amortizing notes, talked in the 7% area.
Meanwhile, it was a soft day for the secondary space with the sell-off in equities spilling over to credit.
The cash bond market was down ¾ to 1 point with the travel and gaming sectors again bearing the brunt of the sell-off.
Carnival Corp.’s 11½% first-priority senior secured notes due 2023 and Delta Air Lines Inc.’s recently priced 7 3/8% senior notes due 2026 took off several points in high-volume activity.
American Airlines’ junk bonds were also among the biggest losers of Wednesday’s session as the company prepped its new offering.
DISH’S 7¾% senior notes due 2026 were also losing ground on the heels of a new offering.
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