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Primary prices over $7 billion; Organon rips on debut; Fortress, CoreCivic at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Ore., April 8 – Evidence of the buyside's ongoing ravenous appetite for new high-yield paper was plentiful on Thursday and seven issuers priced a combined total of eight dollar-denominated speculative-grade tranches to raise a hefty $7.46 billion.
New paper remained in focus in the secondary following the deluge of deals that priced over Wednesday’s and Thursday’s sessions.
Organon’s newly priced dollar-denominated tranches had strong breaks with the tranches climbing 1 to 3 points above their issue prices.
Fortress Transportation and Infrastructure Investors LLC’s 5½% senior notes due 2028 (Ba3/B/BB-) and CoreCivic, Inc.’s 8¼% senior notes due 2026 (BB-) were also putting in strong performances with both issues also 2 to 3 points above issue prices.
However, Forestar Group Inc.’s 3.85% senior notes due 2026 (B1/B+) and UPC Broadband Finco BV’s 4 7/8% senior secured notes due 2031 (B1/BB-/BB+) remained on a par-handle.
Meanwhile, high-yield mutual and exchange-traded funds broke the trend of outflows with $3.809 billion entering the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
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