Secondary firms ahead of CPI, Fed; Chart gains continue; Horizon up on acquisition

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 12 – In Monday's junk primary market Belgium-based House of HR NV kicked off a €300 million offering of seven-year senior secured notes (B2/B) with initial guidance setting forth a 9% coupon to yield 10¾% to 11%.

Meanwhile, the secondary space was quiet yet firm on Monday as markets await the Tuesday release of November’s Consumer Price Index report and the Federal Open Market Committee’s Wednesday decision.

Chart Industries, Inc.’s recently priced tranches continued to add in heavy volume.

Horizon Pharma USA, Inc.’s 5½% senior notes due 2027 (Ba2/B+) were among the top gainers on Monday after Amgen announced its $27.8 billion acquisition of the company in the year’s largest acquisition in the sector.

Tutor Perini Corp.’s 6 7/8% senior notes due 2025 (B3/B-) were the market laggard with the bonds falling more than 3 points following a hit to earnings caused by a recent court decision.

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