Playtika prices; Cinemark at a premium; Twilio above 102; Consolidated Communication flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 5 – The domestic high-yield primary market saw one deal clear during Friday’s session with market volatility beginning to take its toll on the calendar.

Israel-based Playtika Holding Corp. was the sole issuer to price on Friday. The deal was heavily oversubscribed and had a strong break.

However, Vericast Corp. pulled its $1.78 billion two-part deal from the market.

Meanwhile, the secondary space saw another wild session with exchange-traded fund-driven selling dragging down the overall market early in the session, a source said.

The majority of selling pressure was from ETFs. However, there was little participation from real money accounts or dealers to stabilize the market.

However, after the European markets closed, the secondary space improved dramatically, the source said.

Despite market conditions on Friday, several recent deals continued to perform well.

While coming in from the heights reached after breaking for trade, Cinemark USA, Inc.’s 5 7/8% senior notes due 2026 (Caa1/B/B) were trading with a solid premium in the aftermarket.

Twilio Inc.’s two tranches of senior notes outperformed (Ba3/BB) with the tranches 2 to 3 points above their issue prices.

However, Consolidated Communications Inc.’s 5% senior notes due 2028 (B2/B+) fell flat in active trading.

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