Four drive-by deals price; forward calendar grows; Burford, Fortress at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 29 – An active Monday in the primary market saw four drive-by deals come in generally tight executions.

The active forward calendar also ballooned to $3.99 billion as dealers scramble to beef up league table scores with the month of March fast winding down.

Meanwhile, the secondary space was quiet on Monday with the market largely unchanged as it enters into the final days of the first quarter.

New paper remained in focus with Burford Capital Global Finance LLC’s 6¼% senior notes due 2028 (Ba2/BB-) and New Fortress Energy Inc.’s 6 ½% senior secured notes due 2026 (B1/B+/BB-) trading with solid premiums in the aftermarket.

Meanwhile, American Airlines, Inc./AAdvantage Loyalty IP Ltd.’s two tranches of senior notes continued to gain in active trading as the company announced a surge in travel bookings.

Royal Caribbean Cruises Ltd.’s 5½% senior notes due 2028 (B2/B) also improved in active trading.

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