NMI prices; PG&E on tap; L Brands above 105 and 107; Royal Caribbean, Univision gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 5 – The domestic high-yield primary market was quiet on Friday with one small offering clearing the market after an action-packed week when more than $11 billion in junk-rated deals price.

NMI Holdings, Inc. priced an upsized $400 million offering of five-year senior secured bullet notes (Ba2/BB).

Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. returned to the market, albeit this time in Europe, to price a massively upsized €790 million issue of non-fungible 2 1/8% senior secured mirror notes due Aug. 15, 2026.

While the forward calendar was empty heading into the weekend, PG&E Corp. is expected to show up in the debt capital markets in the coming week in an effort to finance its exit from Chapter 11 bankruptcy.

Meanwhile, in the secondary, L Brands, Inc.’s newly priced two tranches of senior notes skyrocketed in secondary activity.

After a strong break, Royal Caribbean Cruises Ltd.’s 9 1/8% senior notes due 2023 (Ba2/BB) continued to gain in high-volume activity.

And, Univision Communications Inc.’s 6 5/8% senior notes due 2027 (B2/B) were trading about 1 point above their issue price.

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