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September deals eyed; energy sector gains; Rackspace drops; Avantor active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 24 – While the high-yield primary market remained quiet on Friday with no new deals pricing and none expected prior to the Labor Day weekend, attention is shifting to the pipeline of new issue activity that is expected in September.
Refinitiv’s anticipated $5.5 billion equivalent deal, Envision Healthcare Corp.’s anticipated $2.15 billion offering and AkzoNobel NV’s anticipated €1.5 billion offering are a few of the deals waiting in the wings, sources said.
Meanwhile, the secondary space rounded out a week of low trading volume with further low trading volume, sources said.
Still, California Resources Corp.’s 8% senior secured second-lien notes due December 2022 saw another round of active trading with the notes again making gains alongside oil futures.
EP Energy’s junk bonds and Denbury Resources Inc.’s recently priced 7½% senior secured second-lien notes due Feb. 15, 2024 (B3/B+) were also on the rise alongside the broader energy sector on Friday.
RackSpace Hosting Inc.’s 8 5/8% senior notes due 2024 continued their decline on Friday with the notes down another ½ point after a 2 point drop on Thursday.
Avantor Inc.’s 9% senior notes due 2025 were active in the secondary space on Friday. While the notes were largely trading flat, they were seen up 1.5 points on the week.
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