Cheniere unit drives by with $1 billion deal; oil issues up with crude, car rentals skid

By Paul Deckelman

New York, May 15 – Monday opened the new week in Junkbondland with one large dollar-denominated pricing.

Syndicate sources said Cheniere Corpus Christi Holdings, LLC, a unit of liquefied natural gas company Cheniere Energy Inc., brought an upsized and quickly-shopped issue of 10-year secured notes to market.

Secondary market traders said the new Cheniere CCH bonds firmed in busy aftermarket dealings.

That deal was the only dollar-denominated and fully junk-rated deal to price.

In the European segment of the junk market, global heavy equipment maker CNH Industrial NV priced €500 million of five-year notes.

Away from the deals that actually priced, syndicate sources said that two other prospective issues climbed aboard the forward calendar, from pawn-shop operator FirstCash, Inc. and from energy name Delek Logistics Partners Partners LP.

Among recently priced issues, traders saw a fair amount of dealings on an otherwise fairly quiet day in Century Communities Inc. and Salem Media Group Inc.

Away from the new deals, energy names like California Resources Corp. gained solidly as world crude oil prices strengthened for a second consecutive session following last Thursday’s big slide.

But bonds of car-rental companies such as Hertz Global Holdings Inc. and Avis Budget Group Inc. were clearly in a skid.

Statistical market performance measures were higher for a second straight session on Monday. They had turned mostly unchanged-to-higher on Friday after having been mixed on Thursday after having been higher across the board last Wednesday.

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