Primary sells $4.35 billion; TriNet flat; Carnival gains; Diamond Sports under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Ore., Feb. 24 – A sizable slate of drive-by business materialized on Wednesday: half a dozen issuers with single-tranche, junk-rated, dollar-denominated tranches priced a total face amount of $4.35 billion.

Meanwhile, it was another volatile day in the secondary space with the market weak at the open but largely unchanged by market close.

As market players awaited the slew of deals in the pipeline, recent deals and topical news were the drivers of trading activity.

While nominally improved in intraday activity, TriNet Group, Inc.’s recently priced 3½% senior notes due 2029 (Ba3/BB) were again flat heading into the market close.

Post Holdings Inc.’s 5% senior notes due 2026 were active with the notes trading up on news they would be taken out with proceeds from the company’s new offering.

Carnival Corp.’s 5¾% senior notes due 2027 (B2/B+) continued their upward momentum with the notes reaching a 102-handle on Wednesday.

Diamond Sports Group LLC and Diamond Sports Finance Co.’s secured and unsecured notes were active with both trading off on news that a new debt exchange might be in the works.

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