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Five junk issuers price $2 billion; primary activity expected to keep up; GMS, Boyne at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 16 – The Friday session in the red-hot high-yield primary market had five issuers price a cumulative $2 billion.
Sources anticipate an active week ahead with $10 billion to $15 billion in new supply expected.
Meanwhile, the secondary space was largely unchanged on Friday with new paper dominating the tape on an otherwise quiet day.
Recent deals continued to perform well in the aftermarket.
While the issue was small, GMS Inc.’s 4 5/8% senior notes due 2029 (B2/B) were active with the notes trading with a solid premium to their issue price.
Boyne USA, Inc.’s 4¾% senior notes due 2029 (B1/B) maintained the large premium reached after breaking for trade with the notes continuing to trade on a 102-handle.
United Airlines’ two tranches of senior notes (Ba1/BB-/BB) remained active although with little movement in price.
Outside of recent issues, Carnival Corp.’s 5¾% senior notes due 2027 (B2/B+) were active with the notes continuing their upward momentum with investor sentiment about travel and leisure companies increasingly positive.
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