E.W. Scripps, MTS Systems on tap; Dish gains continue; HCA active; U.S. Steel comes in

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 8 – As high-yield players resumed their places, some doing so on the heels of an extended holiday weekend trailing last Thursday's July 4 market close, a new issue calendar began to take shape on Monday.

E.W. Scripps plans to roadshow a $400 million offering of eight-year senior notes and MTS Systems Corp. plans to kick off a $300 million e of eight-year senior notes (ratings B3/B+) with pricing expected later in the week.

In a deal that could potentially play to junk bond investors in the United States and Europe, as well as to emerging markets investors, Aberdeen-based Ithaca Energy Ltd. disclosed plans to sell $700 million of five-year senior notes (B3/B/B+).

Meanwhile, there was also an uptick in activity in the secondary space, although liquidity was still light.

The secondary space was weak on Monday with many issues trading off as the session progressed, a market source said.

However, Dish Network Corp.’s junk bonds were on the rise as speculation about the satellite broadcaster launching a wireless network continued.

HCA Healthcare Inc.’s 7½% senior notes due 2022 were active with the healthcare space in general eyed in light of proposed legislation regarding surprise medical bills.

United States Steel Corp.’s junk bonds were again active with the notes giving back some of their gains after the U.S. imposed additional tariffs on steel imports from Vietnam.

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