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Junk: EG Group prices; Spirit Aero, NOVA gain after strong break; OneMain, InfraBuild up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 10 – EG Group capped off the second-biggest week for high-yield new issuance in 2023, to date, on Friday.
The U.K.-based convenience store chain and petrol retailer priced a $1.6 billion equivalent of EG Global Finance plc five-year senior secured notes (B3/B-/B+) in two tranches.
Meanwhile, the secondary space had a firm close to a largely flat week with the market recovering from Thursday’s weak session.
The cash bond market was up about ¼ point on Friday, a source said.
The historic inflow of $6.26 billion in the week through Wednesday’s close helped fuel the significant gains of late last week and continued to help lift the market.
Spirit AeroSystems, Inc.’s 9¾% senior secured second-lien notes due 2030 (B3/B-) and NOVA Chemicals Corp.’s 8½% senior secured first-lien notes due 2028 (Ba1/BB+) continued to gain after strong breaks.
OneMain Finance Corp.’s 9% senior notes due 2029 (Ba2/BB) were active following the add-on of the previous session with the notes trading at a premium to their reoffer price.
InfraBuild Australia Pty Ltd.’s 14½% senior secured notes due 2028 (B3/B+) also maintained a nominal premium to their discounted issue price.
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