Junk closes week with a bang, prices $4.75 billion; Ardagh in focus on debt talks

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 22 – Primary market news flow remained strong and steady on Friday, with four dollar-denominated tranches from three issuers – a total face amount of $4.75 billion – clearing the market.

Meanwhile, the secondary space had a soft close to a relatively strong week with the market pulling back after firming in the aftermath of the Federal Open Market Committee’s announcement.

The cash bond market was unchanged to off about 1/8 point on Friday while still logging weekly gains.

With the primary pipeline packed on Friday, activity in the secondary space was light as market players awaited the new paper to break for trade.

Ryman Hospitality Properties, Inc.’s recently priced 6˝% senior notes due 2032 (B1/BB-/BB-) were trading with a decent premium to their issue price in heavy volume on Friday, despite a soft day for the market.

The fire-sale in Altice SA’s capital structure tempered on Friday with tranches mixed after the double-digit losses of the previous two sessions.

Ardagh Group SA’s senior notes remained in focus and were also mixed after dropping the previous session as the company and its creditors prepare for debt talks.

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