Primary quiet; Olin, BMC Software trade up; Live Nation gains continue

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 15 – The domestic high-yield primary market was quiet on Friday after a blockbuster week that had 18 issuers price $11.45 billion in 20 dollar-denominated tranches.

Only one deal was on the active forward calendar heading into Friday’s close – Northwest Fiber, LLC and Northwest Fiber Finance, Inc.’s $250 million offering of eight-year senior notes.

The secondary space was equally quiet on Friday.

While the secondary space closed Friday largely unchanged after another volatile day for equities, several recent deals continued to gain in the secondary.

Olin Corp.’s new 9½% senior notes due 2025 (Ba3/BB-) were trading well above their discounted issue price in high-volume activity.

BMC Software’s dollar-denominated tranches also continued to gain in active trading on Friday after seeing a strong break the previous session.

Live Nation Entertainment, Inc.’s 6½% senior notes due 2027 (Ba2/BB-) also continued to gain.

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