Morning Commentary: New Charter Communications, Huntsman bonds trade busily, above issue prices

By Paul Deckelman

New York, Oct. 30 – The new Charter Communications, Inc. and Huntsman Corp. bonds that priced in quick-to-market offerings on Wednesday were heard by high-yield traders to be modestly above their respective par issue prices in active trading on Thursday.

A trader said that “Huntsman and Charter were trading above their deal prices. There was good volume in CHTR.”

A second trader pegged both tranches of Charter’s new issue in a 100½ to 100¾ bid context, while the Huntsman issue was trading between 100¼ and 100½.

Charter, a Stamford, Conn.-based cable and broadband service provider, priced $1.5 billion of new 5½% senior notes due 2022 and $2 billion of new 5¾% notes due 2024 late Wednesday at par via its CCOH Safari, LLC unit. The bonds were not seen trading around initially after pricing.

The deal had been upsized to $3.5 billion from an originally announced $1.5 billion.

Huntsman, a Salt Lake City-based specialty chemicals manufacturer, priced $400 million of new 5 1/8% senior notes due 2022 at par on Wednesday via its Huntsman International LLC unit, after upsizing the issue from an original $300 million. The bonds traded very actively in the aftermarket Wednesday, with over $44 million changing hands, ending around 100 1/8 to 100¼ bid.

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