Raising Cane’s joins junk calendar; CommScope, First Quantum plunge

By Abigail W. Adams

Portland, Me., Oct. 30 – While high-grade issuers stampeded to capital markets on Monday, the high-yield primary market was quiet but not dormant.

Raising Cane’s Restaurants LLC joined the calendar with a $500 million offering of long five-year senior notes (B3).

Additional activity is expected with Ineos Quattro further telegraphing its intention to price an €800 million equivalent offering of dollar- and euro-denominated secured notes as its term loan kicks off.

However, high-yield primary market activity is expected to be relatively light as the market awaits clarity on the future rate environment from the Federal Open Market Committee’s Wednesday announcement.

Meanwhile, the secondary space launched the day on firm footing but gave back its early gains and ended the day unchanged.

While buyers were interested in certain credits, CommScope Holding Co., Inc. and First Quantum Minerals Ltd. were not among them.

CommScope’s senior notes plunged 2 to 15 points in heavy volume. First Quantum’s senior notes also tanked on Monday.

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