Eldorado on tap; Bausch Health weakens; Charter below par; Weatherford, Teva down

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 13 – With stock markets in a sea of red amid headlines of an escalating trade war, the high-yield new issue market took a header on Monday.

However, a couple of deals took spots on a thin active calendar.

Eldorado Gold Corp. plans to begin a roadshow on Tuesday for a $300 million offering of five-year senior secured second lien notes (Caa1/B).

GasLog Ltd. plans to price a $75 million tack-on to its 8 7/8% senior bullet notes due March 22, 2022 on Tuesday.

The deals join VistaJet Malta Finance plc and Ausdrill Finance Pty Ltd. on the forward calendar.

Meanwhile, the secondary space was soft on Monday, especially heading into the market close with the escalation in trade war tensions rattling markets.

Several recent deals to hit the secondary market were weaker on Monday.

Bausch Health Cos Inc.’s recently priced tranches (B3/B-/B) continued to weaken.

Charter Communications, Inc.’s 5 3/8% senior notes due 2029 (BB/BB+) dropped below their issue price.

Outside of the new paper, Weatherford International plc’s junk bonds continued their downward spiral following the company’s bankruptcy and restructuring support agreement announcement.

Teva Pharmaceutical Industries Ltd.’s junk bonds also shaved off several points after the company was named in a lawsuit alleging that it had engaged in price fixing.

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