Morning Commentary: Univision notes on tap; junk flat as stock indexes drift

By Paul A. Harris

Portland, Ore., Aug. 18 – The high-yield bond market opened unchanged on Thursday morning, market sources said.

With the major U.S. stock indexes adrift at mid-morning, the iShares iBoxx $ High Yield Corporate Bd (HYG) share price was up 0.23%, or 18 cents, at $77.80.

The new issue market flickered to life as Univision Communications Inc. came with a drive-by $300 million add-on to its 7 3/8% senior secured notes due June 30, 2030 (B1/B+).

Initial guidance has the deal coming at an issue price in the 100.5 area.

Among recent issues, the new Ford Motor Co. 6.1% senior green notes due August 2032 (Ba2/BB+/BB+), which came in a high-grade-style execution on Tuesday, were par 5/8 bid.

They were par bid, par ¼ offered on Wednesday.

The $1.75 billion bullet deal priced at par.

The EnLink Midstream, LLC 6½% senior bullet notes due September 2030 (Ba1/BB+/BB+) were par 1/8 bid, par 5/8 offered, unchanged, the sellsider said.

The upsized $700 million issue (from $500 million) priced at par on Tuesday.

The Royal Caribbean Cruises Ltd. 11 5/8% senior notes due August 2027 (B3/B) were 101¼ bid, 101½ offered on Thursday morning, the sellsider said.

Those notes were wrapped around 101 on Wednesday.

The upsized $1.25 billion issue (from $1 billion) priced at par on Tuesday.

And the Sensata Technologies BV 5 7/8% senior notes due September 2030 (Ba3/BB+) were par bid, par ½ offered, unchanged on the morning, the sellside source said.

The $500 million issue priced at par on Monday.

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