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High yield: CQP prices; secondary quiet, unchanged; Park River on a par-handle
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 27 – In the high-yield primary market on Thursday all eyes were on CQP as the holding company of Houston-based LNG supplier Cheniere Energy Partners priced a prominent issue.
Meanwhile, the secondary space was quiet heading into the holiday weekend with volume light and little movement in the names that did trade.
“It’s extremely quiet. It’s like it’s Friday,” a source said. With Friday’s early close, tomorrow’s session is expected to be even quieter.
Recent issues continued to dominate the tape.
Park River Holdings Inc.’s 6¾% senior notes due 2029 (Caa1/CCC/CCC+) continued to trade on a par-handle.
Bausch Health Cos., Inc.’s 4 7/8% senior secured notes due 2028 (Ba2/BB) were in focus with the notes bouncing off their lows from the previous session.
DT Midstream’s two tranches of senior notes remained active although with little movement in price.
With the flood of new deals slowing down, there was an uptick of activity in outstanding issues.
Carnival Corp.’s 5¾% senior notes due 2027 (B2/B+) were nominally improved in active trading.
AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) continued their rally with the notes up more than 6 points on the week.
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