Junk prices $4.5 billion in two days; US Foods, Williams Scotsman, Macquarie hold premiums

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 12 – Issuers priced a $2.2 billion face amount of dollar-denominated junk bonds in three tranches on Tuesday, as the Sept. 11 week, with just two sessions in the book, has already had $4.5 billion in new issuance clear the market.

As the market awaits more data to determine the path the data-driven Fed will take, new paper was in focus as the primary market continued to unleash a torrent of deals.

The paper to price during Monday’s session continued to hold nominal premiums in the aftermarket, although none were able to move beyond a par-handle.

US Foods, Inc.’s two tranches of senior notes (B2/BB-), Williams Scotsman, Inc.’s 7 3/8% senior secured notes due 2031 (B2/BB-) and Macquarie AirFinance Holdings Ltd.’s 8 1/8% senior notes due 2029 (BB+/BB) were hovering just above their issue prices in heavy volume.

NFP Corp.’s 8½% senior secured notes due 2031 (B1/B/BB-) performed the best out of Monday’s deals although the notes remained on a par handle.

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