Leviathan, Penske, Emergent, Element, Xerox price; Melco adds on; Service, Apache gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 4 – The domestic high-yield primary market continued to roll out the new issues on Tuesday with six issuers pricing a cumulative $5.5 billion in 10 tranches.

Xerox Holdings Corp., Element Solutions Inc., Penske Automotive Group, Inc., Emergent BioSolutions Inc., Leviathan-Delek (Leviathan Bond Ltd.) and Melco Resorts Finance Ltd. all cleared the market on Tuesday.

Wednesday also promises to be a busy session with offerings from Harvest Midstream I LP and Western Global Airlines LLC on deck.

Meanwhile, the secondary space was largely unchanged on Tuesday with the influx of new paper jolting trading activity despite Hurricane Isaias leaving many traders in the Tri-State area without power.

Apache Corp.’s two tranches of senior notes (Ba1/BB+/BB+) were active and trading with healthy premiums to their issue prices.

Service Corp. International’s 3 3/8% senior notes due 2030 (Ba3/BB) were also posting gains in the secondary space despite their tight pricing.

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