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Junk sector brings another $2.3 billion to now $6.8 billion week; Vistra flat; B&G better
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 13 – High-yield syndicates in the Western Hemisphere released a torrent of new issue news on Wednesday.
Issuers priced four dollar-denominated tranches of junk-rated notes for an overall face amount of $2.3 billion.
That brought the week’s total issuance to $6.8 billion.
With two sessions remaining to play out ahead of Friday’s close the Sept. 11 week is already the biggest week since early February, and the third biggest week of the year.
In secondary trading, new paper was in focus.
Vistra Operations Co. LLC’s new 7¾% senior notes due 2031 (Ba2/BB/BB) became the latest issue to fall flat in the aftermarket with the tight pricing leaving the notes little room for upward movement.
B&G Foods, Inc.’s 8% senior secured notes due 2028 (B1/B+) were trading at a solid premium to their discounted issue price.
Diamond Offshore Drilling, Inc.’s 8½% second-lien senior secured notes due 2030 (B3/BB-) were the outperformers of recent deals with the notes the only ones to break above a par-handle.
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