Truck Hero, Drawbridge price; Watco adds; Targa, Hilton, Indigo flat; MEG, CHS, Uniti soar

By Paul A. Harris and Abigail W. Adams

Portland, Ore., Jan. 20 – Following a torrid Tuesday session which put up the biggest daily issuance total in well over a year, the pace of the primary slowed somewhat on Wednesday.

Three issuers priced deals.

Meanwhile, it was another strong day in the secondary space following the successful inauguration of President Joseph Biden.

New paper dominated the tape following the torrent of drive-by deals from Tuesday’s session.

However, the new paper followed different trajectories.

Targa Resources Partners LP and Targa Resources Partners Finance Corp.’s 4% senior notes due 2032 (Ba3/BB), Indigo Natural Resources LLC’s 5 3/8% senior notes due 2029 (B3/BB-), and Hilton Domestic Operating Co. Inc.’s 3 5/8% senior notes due 2032 (Ba2/BB) fell flat in high-volume activity.

Howard Hughes Corp.’s two tranches of senior notes (Ba3/BB-/BB) were trading with a slight premium.

“No runaways there,” a source said.

However, MEG Energy Corp.’s 5 7/8% senior notes due 2029 (B3/B-) and Uniti Group LP’s 6½% senior notes due 2029 (Caa2/CCC) rose to a 101-handle.

And CHS/Community Health Systems Inc.’s 6 7/8% junior-priority secured notes due 2029 (Caa3/CCC-/CC) outperformed with the notes broaching 103 in active trading.

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