Charter prices; thyssenkrupp active; Occidental gains continue; Uber catches a bid

By Abigail W. Adams

Portland, Me., July 6 – The domestic high-yield primary market slowed its pace on Monday, but it did not stop as one megadeal cleared the market.

Charter Communications Inc. subsidiaries CCO Holdings, LLC and CCO Capital Corp. priced $1.5 billion of long 10-year senior notes (B1/BB) in a Monday drive-by.

While opportunistic issuers may step forward if market conditions continue to hold, primary market activity is expected to remain muted as earnings season begins, sources said.

Meanwhile, the secondary space was quiet yet firm as market players “limped” back from the holiday weekend, a source said.

While volume was light, high beta names were up ¾ to 1 point as a risk-on sentiment pervaded the market.

Germany-based thyssenkrupp Elevator’s dollar-denominated tranches remained active on Monday with the notes posting nominal gains.

Occidental Petroleum Corp.’s recently priced three tranches of senior notes continued to gain in active trading.

Uber Technologies Inc.’s junk bonds “caught a bid” on Monday on the heels of its acquisition of Postmates.

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