Junk to remain active in week ahead with calendar packed; NGL, Talos add to gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 26 – A quiet Friday in the dollar-denominated high-yield primary market capped a week with $6.3 billion of gross new issuance in eight junk tranches.

The week ahead is set to get underway with a $3.7 billion active calendar in place, a big-ish amount of business to carry across the weekend, a sellside source remarked.

Crash Champions/Champions Financing, Inc., Husky Injection Molding Systems/Titan Co. Borrower, LLC, Artera Services LLC, and Rakuten Group, Inc. are in line with offerings set to price in the coming week.

Meanwhile, it was a flat day in the secondary space on Friday with the market response to the latest piece of inflationary data muted, sources said.

The personal consumption expenditure report released Friday came in largely as expected with inflationary pressures continuing to cool.

The data did little to move the broader market, which was quiet outside of new and recent issues.

The deals to clear the primary market over the past week continued to put in solid performances in the secondary space with all trading at solid premiums to issue prices.

NGL Energy Partners LP’s newly priced senior secured notes (B2/B+/BB-) and Talos Production Inc.’s senior secured second-priority notes (B3/BB-/B+) continued the trend of strong performances with the tranches holding their gains after a strong break.

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