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Rakuten prices in junkland, up on break; Sabre gains continue; Citrix regains 87-handle
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 22 – The domestic high-yield primary market saw one deal clear the forward calendar on Tuesday – Tokyo-based Rakuten Group, Inc.’s $500 million offering of two-year senior notes (BB+).
The deal priced at a discount and made strong gains on the break.
The offering is the last that is expected from the primary market during the holiday-shortened week.
Meanwhile, it was a firm day in the secondary space with the cash bond market up ¼ point as the market weighed comments from Federal Reserve speakers on the eve of the release of the Federal Open Market Committee’s minute notes.
ETF buying was again lifting the market as inflows continued to the asset class.
End-of-year illiquidity had not yet set in on Tuesday with recent issues keeping the secondary space moving, sources said.
Sabre GLBL Inc.’s (Sabre Corp.) 11¼% senior secured notes due 2027 (Ba3/B) were in focus with the notes continuing to post gains on Tuesday after surging on the break.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) returned to an 87-handle in heavy volume after trading below for the past week.
Medline Industries’ 5¼% senior notes due 2029 (Caa1/B-/B-) continued their strong uptrend on Tuesday with the notes hitting their highest level since September.
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