Giant-sized SoftBank plus Cheniere and Golden Nugget megadeals lead $7.2 billion session

By Paul Deckelman and Paul A. Harris

New York, Sept. 12 – The high-yield primary market was on fire on Tuesday, with nearly $7.22 billion of new dollar-denominated and fully junk-rated paper seen having come to market in seven tranches – the most single-day primary issuance seen so far this year, according to data compiled by Prospect News.

Leading the way was a trio of megadeal-sized regularly scheduled forward calendar transactions.

Chief among them was Japanese technology company SoftBank Group’s four-part, dual-currency offering, which included $1.35 billion of seven-year notes and $2 billion of 10-year paper, in addition to two tranches of euro-denominated securities.

That heavily oversubscribed supersized deal dwarfed two other offerings, either of which could have been the biggest issue of the session in its own right – liquefied natural gas company Cheniere Energy Partners, LP’s upsized $1.5 billion of eight-year notes, and gaming and hospitality operator Golden Nugget, Inc.’s $1.41 billion of paper, split into two tranches, one of them an add-on to an issue of 2024 bonds the company sold back when it was still known as Landry’s Inc.

There was also a pair of opportunistically timed, quick-to-market deals – oil and natural gas pipeline company Tallgrass Energy Partners, LP’s $500 million of 10.25-year notes and mortgage insurer Radian Group, Inc.’s upsized $450 million seven-year offering.

In the secondary market, traders said that the new Cheniere Energy notes were up solidly in busy trading.

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