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Primary sells $5.8 billion; Party City outperforms; Ryman improves; Cleveland-Cliffs lags
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Feb. 10 – Counting only the straight junk deals, issuers priced a hefty $5.8 billion on a big Wednesday in the new issue market.
Meanwhile, new paper continued to dominate the tape on Wednesday.
As market players awaited the flood of paper expected before the day drew to a close, the deals to price during Tuesday’s session remained active.
Party City Holdco Inc.’s 8¾% senior notes due 2026 (Caa1/CCC) were in focus on Wednesday with the notes climbing to a 102-handle.
Ryman Hospitality Properties, Inc.’s 4½% senior notes due 2029 (B1/B) improved in active trading.
However, Constellium SE’s 3¾% senior notes due 2029 (B2/B) remained wrapped around their issue price and Cleveland-Cliffs Inc.’s two tranches of senior notes were lagging in the aftermarket.
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