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Morning Commentary: MGM Resorts, Penske bonds hold above par; KLX, EnTrans, Parq on deck
By Paul A. Harris
Portland, Ore., Nov. 21 – News that People’s Bank of China cut interest rates for the first time in more than two years is providing a tailwind for high-yield bonds, market sources said Friday.
The CDX 23 index of high-yield credit default swaps was up 3/8 point at 106.84 bid, 106.92 offered, according to a hedge fund manager.
Some recent deals are trading at premiums to their issue prices, the manager added.
The MGM Resorts International’s non-callable 6% senior notes due March 15, 2023 (B3/B+/BB) were 101 bid, 101¼ offered on Friday morning. The $1.15 billion issue priced at par in a Thursday drive-by.
Meanwhile the Penske Automotive Group Inc. 5 3/8% senior subordinated notes due Dec. 1, 2024 (B1/B+) were par bid, par ½ offered. The $300 million deal came at par in a Tuesday drive-by.
Deals on deck
In the new issue market at least three deals are expected to price on Friday.
On Thursday KLX, Inc. talked its $1.2 billion offering of eight-year senior notes (Ba3/BB) to yield 5¾% to 6%.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.
EnTrans International, LLC is in the market with a $250 million offering of six-year senior secured notes (B2/B) talked to yield 8¾% to 9%, including an original issue discount, and expected to price Friday via bookrunner Credit Suisse.
And Parq Resort & Casino is selling $200 million of seven-year senior secured second-lien notes (Caa1/B-) talked with an 11½% coupon to yield 12%. The offering is teed up to price Friday via Credit Suisse and Dundee.
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