Icahn prices on top of talk; ING prints; busy September deal pipeline eyed; Intelsat lower

By Cristal Cody and James McCandless

Tupelo, Miss., Sept. 3 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. tapped the junk bond market on Tuesday with a $500 million offering of senior notes.

The five-year issue priced on top of talk.

Also during the post-Labor Day session, ING Groep NV sold $1.5 billion of split-rated perpetual additional tier 1 contingent convertible capital securities tighter than initial talk.

In other action, ADT Inc. (Prime Security Services Borrower LLC) expects to issue $500 million to $750 million of first-lien senior secured notes.

The deals kick off a predicted strong high-yield bond pipeline in September.

About $20 billion of issuance is forecast for the month, up from about $10 billion of new high-yield issues reported in August, the slowest August since 2015, according to a BofA Merrill Lynch global research note released on Tuesday.

As global trade tensions escalate, the high-yield secondary began a short week moving lower.

Intelsat SA’s notes moved lower after a member of a consortium negotiating with the U.S. government over the use of C-band airwaves left the group.

As oil futures buckle under global trade pressure, Whiting Petroleum Corp.’s, California Resources Corp.’s and Superior Energy Services, Inc.’s issues were also losing.

Utilities name PG&E Corp.’s paper finished the day worse off.

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