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Morning Commentary: As junk eases with equities and crude, new issues tend to hold premiums
By Paul A. Harris
Portland, Ore., June 15 – The high-yield bond market was a touch softer at mid-morning on Friday in conjunction with weaker equities and lower crude oil prices, sources said.
High-yield ETFs were lower on the morning. The iShares iBoxx $ High Yield Corporate Bd (HYG) was down 11 cents, or 0.13%, at $86.06 per share.
The Dow Jones industrial average was down 201 points, or 0.8%, at 24,973.
The barrel price of West Texas Intermediate crude oil for July 2018 delivery was down $1.74, or 2.6%, at $65.15.
Against that backdrop recent issues tended to be holding in, sources said.
The new MGM Resorts International 5¾% senior bullet notes due June 2025 (Ba3/BB-) were par 1/8 bid, par 3/8 offered, according to a trader in New York.
The upsized $1 billion deal (from $500 million) priced at par in a Thursday drive-by.
The new Blue Racer Midstream LLC and Blue Racer Finance Corp. 6 5/8% senior notes due July 2026 (B2/B) were up half a point at par ¼ bid, par ¾ offered, according to an investor.
The $300 million issue also priced at par in a Thursday drive-by.
Europcar taps 2 3/8% notes
After a big Thursday in the bond market, Friday activity in high-yield new issues was muted.
Europcar priced a €150 million add-on to the EC Finance plc 2 3/8% senior secured notes due Nov. 15, 2022 (B1/BB-) at 99 to yield 2.62% in a Friday drive-by.
The June 18 week figures to be an active one in the primary market, with big dual-currency dollar/euro deals on tap from St. Louis-based Energizer Holdings Inc. ($1.25 billion), Denmark's TDC A/S (€1.4 billion equivalent) and Spain's Cirsa Gaming Corp. SA (€1.56 billion equivalent).
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