Viking Cruises, TriMas, Alliant price; new deals continue to rule secondary; energy gains

By Paul Deckelman and Paul A. Harris

New York, Sept. 13 – The high-yield primary market pretty much had an impossible act to follow on Wednesday – a day after Tuesday’s record-heavy new issuance for the year so far – but gamely gave it a try, pushing out $1 billion of new dollar-denominated and fully junk-rated paper in three tranches.

However, that was far short of the more than $7 billion of such paper which had gotten done in seven tranches in an incredible burst of primary-side activity on Tuesday.

Passenger ship operator Viking Cruises Ltd. dropped anchor in the harbor with the day’s big deal, a $550 million offering of 10-year notes.

Diversified industrial manufacturer TriMas did $300 million of eight-year notes, like Viking a regularly scheduled deal off the forward calendar.

Insurance brokerage firm Alliant Holdings Intermediate, LLC contributed an unscheduled $150 million add-on to its existing 2023 notes.

Traders said that all three issues were quoted higher after pricing, but on not much volume.

They meantime saw continued active trading in some of the names from Tuesday’s $7.2 billion new-deal blowout, including Cheniere Energy Partners, LP, Tallgrass Energy Partners, LP, Golden Nugget, Inc. and Radian Group, Inc.

Apart from the new issues, the Most Actives list also saw considerable business in oil and natural gas names such as California Resources Corp., Denbury Resources, Inc. and Noble Energy Inc., aided by a surge in crude oil prices.

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