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Junk: Stena, Hannon add-ons price; Grifols falls on short-seller report; Tenneco rises
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 9 – The pace of the news flow in the new issue market quickened on Tuesday, a session that had two deals price off of the high yield syndicate desks.
Stena International priced an upsized $700 million issue (from $400 million) of seven-year senior secured notes (Ba2/BB+) and Hannon Armstrong Sustainable Infrastructure Capital, Inc. priced an upsized $200 million add-on to the HAT Holdings I LLC and HAT Holdings II LLC 8% green senior notes due June 2027 (Baa3/BB+/BB+).
Meanwhile, it was a flat day in the secondary space with the cash bond market either side of unchanged as the market awaits the release of Thursday’s Consumer Price Index report.
As the market awaits more clarity on the rate horizon, new issues and topical news were driving activity in the secondary space.
Bread Financial Holdings, Inc.’s 9¾% senior notes due 2029 (Ba3/BB-/BB-) and Morgan Automotive’s 8¼% senior notes due 2031 (B2/B+) were active following the add-ons of the previous session.
While the broader market was flat, Grifols, SA's 4¾% senior notes due 2028 (Caa1/B-) sank 4 to 5 points after a short-seller report took aim at the company’s reporting.
Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) continued their upward momentum with the notes now trading at premium to their deeply discounted issue price.
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