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Transocean prices drive-by; W&T on deck; Ford gains continue
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 9 – The Jan. 9 week got off to a purposeful start in the high-yield new-issue market, which generated several headlines on Monday.
In drive-by action Transocean Titan Financing Ltd. priced an upsized $525 million issue (from $500 million) of amortizing five-year senior secured notes (B2/B-) at par to yield 8 3/8%.
Elsewhere W&T Offshore Inc. started a roadshow for a $275 million offering of three-year senior second lien secured notes.
Meanwhile in the crossover space Regal Rexnord Corp. priced $4.7 billion of split-rated senior notes (Baa3/BB+/BBB-) in four tranches.
It was another strong start to the week for the secondary space with the cash bond market continuing to add after rising more than 2 points in the first week of the year.
The cash bond market added another ½ point with ETF-buying continuing to lift the space.
Ford Motor Credit Co. LLC’s recently priced tranches (Ba2/BB+/BB+) continued their strong upward momentum with the notes climbing to a 102-handle.
Carnival Corp.’s senior notes continued to add in heavy volume with the cruise line operator’s 10 3/8% senior priority notes due 2028 (B2/B+) hitting fresh heights in heavy volume.
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