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Four issuers bring new junk bonds; TransDigm on deck; AAL, RCL hold premiums, but fall
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 9 – A big Thursday in the new issue market had four issuers price a combined $1.97 billion of junk-rated, dollar-denominated notes.
While the cash bond market was strong for the majority of the session, late-day selling set in for no clear reason, a source said.
Market players have looked to the two-year Treasury yield as a harbinger of future pain and the yield pushed past 4.5% in intraday activity.
However, it was strange for selling pressure to have set into the cash bond market so quickly based on that move, a source said.
Royal Caribbean Cruises Ltd.’s new 7¼% priority guarantee notes due 2030 (B2/B+) and American Airlines, Inc.’s 7¼% first-lien senior secured notes due 2028 (Ba3/B-) followed the trajectory of the broader market.
While they managed to hold on to some premium, the notes closed Thursday’s session well off the highs of the day.
Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc., CSL Capital, LLC’s 10½% senior secured notes due 2028 (B2/B/BB+) continued to move lower alongside the broader market with the notes giving back nearly all gains since hitting the secondary space.
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