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Del Monte prices at a discount; Hanesbrands in focus; MGM slides; Hertz down again
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 1 – The domestic high-yield primary market had a quiet session on Friday after a blockbuster April that had $37.37 billion price over 57 junk-rated tranches.
Del Monte Foods Inc. launched new deal activity in May with a $500 million issue that priced with a deep discount.
Meanwhile, the secondary space rounded out an otherwise strong week on soft footing with the cash bond market down ½ to ¾ point, a source said.
However, volume remained light with trading activity continuing to focus on new issues.
Hanesbrands’ 5 3/8% senior notes due 2025 (Ba3/BB) had high-volume activity with the notes trading with a slight premium despite a down day for the market.
While the majority of recent issues improved over the past week, MGM Resorts International’s 6¾% senior notes due 2025 (Ba3/BB-) were not among them.
The notes sank further below par in active trading following earnings.
Hertz Corp.’s 6% senior notes due 2028 continued to lose ground as the grace period for the rental car company’s missed lease payment quickly comes to a close.
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