Junk secondary unmoved by CPI; CCO Holdings, Uniti hit new lows; Level 3 rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 14 – The domestic high-yield primary market remained dormant on Tuesday with new deal activity for the week expected to fall well-short of previous estimates of $7 billion in new issuance.

Talk surfaced on the sole deal on the forward calendar – the Skill BidCo ApS offering of senior notes backing the buyout of Scan Global Logistics.

However, the dollar-denominated tranche is no longer expected.

Meanwhile, it was another flat day in the secondary space with the cash bond market either side of unchanged following the release of January’s Consumer Price Index report.

New and recent issues remained active on Tuesday with Charter Communications, Inc. subsidiaries CCO Holdings, LLC and CCO Holdings Capital Corp.’s recently priced 7 3/8% senior notes due 2031 (B1/BB-) hitting a new low in secondary market activity.

Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc., CSL Capital, LLC’s 10˝% senior secured notes due 2028 (B2/B/BB+) continued their downtrend with the notes now firmly below their issue price after a strong start in the aftermarket.

Outside of recent issues, Lumen Technologies subsidiary Level 3 Financing, Inc.’s senior notes were on the rebound in active trade after the notes hit a historic low following disappointing earnings.

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