Springleaf/OneMain, Dana price; Silgan, MSCI trade tight; Chesapeake, McDermott down

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 5 – A couple of on-the-run issuers came with drive-by deals, as the news flow in the new issue market remained strong and steady on Tuesday.

Both issuers came away with 5 3/8% prints.

Springleaf Finance Corp., a subsidiary of OneMain Financial Holdings, Inc., priced an upsized $750 million 10-year senior bullet (Ba3/BB-/BB+).

And Dana Inc. priced a $300 million issue of eight-year senior notes (B2/BB-/BB+).

Wednesday also promises to be a busy session with Dublin-based packaging firm Ardagh’s $2.22 billion equivalent offering on deck.

Meanwhile, the secondary space was largely flat with the market awaiting further news on a potential U.S.-China trade deal.

Silgan Holdings, Inc.’s recently priced 4 1/8% senior notes due 2028 (Ba3/BB-) and MSCI Inc.’s 4% senior notes due 2029 (expected ratings Ba2/BB+) were major volume movers in the secondary space with the new paper trading in a tight range.

While crude oil futures continued to tick up, Chesapeake Energy Corp.’s junk bonds traded off following an earnings miss, which erased the optimism that spurred the notes higher in the previous session.

McDermott International, Inc.’s 10 5/8% senior notes due 2024 continued to sink after the company missed the Nov. 1 coupon payment on the notes.

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