Primary, secondary junk quiet; Bombardier in focus, gains; CareTrust, Videotron at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 4 – The domestic high-yield primary market closed out an active week quietly with no deals clearing the market.

While the forward calendar is currently empty, the coming week is expected to be an active one, sources said.

While the domestic high-yield primary market was quiet, the European market saw one deal price – David Lloyd Leisure’s two-tranche, dual-currency offering of senior secured notes.

Meanwhile, the secondary space was equally quiet although with an improved tone.

While most issues continued to trade sidewise, the market was becoming more defined for some issues that were previously only all bids or all offers, a source said.

New paper remained in focus with the deals to price during Thursday’s session putting in strong performances.

Bombardier Inc.’s new 7 1/8% senior notes due 2026 (Caa2/CCC) were the most actively traded issue in the secondary space with the notes steadily climbing higher throughout Friday’s session.

Videotron’s 3 5/8% senior notes due 2029 (BB+) and CareTrust REIT, Inc.’s 3 7/8% senior notes due 2028 (Ba2/BB+/BB+) were also putting in strong performances despite their tight pricing.

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