Primary prices $3.68 billion (and Delta); Cheniere gains; Cablevision secureds lose steam

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 16 – The domestic high-yield primary market continued to churn out new deals with five issuers pricing $3.68 in junk-rated paper.

However, if you add the investment-grade rated Delta SkyMiles deal – as many did, since it was a collaborative effort involving both the high-yield and investment-grade syndicate desks – Wednesday's total jumps to $9.68 billion.

Meanwhile, the secondary space was largely unchanged on Wednesday with the Federal Reserve’s announcement regarding interest rates failing to move the market.

The move to keep interest rates near zero for the near future will continue to promote buying in the high-yield market, a source said.

The frenzy surrounding new paper continued on Wednesday with new deals dominating trading activity.

Specialty Building Products Holdings, LLC’s (U.S. Lumber Group) 6 3/8% senior notes due 2028 (B3/B-) and Cheniere Energy Inc.’s 4 5/8% senior secured notes due 2028 (Ba3/BB) continued to gain in active trading.

Cablevision Lightpath LLC’s two tranches of senior notes were active although the secured tranche shaved off most of its premium heading into the market close.

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