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Madison IAQ on deck for high yield; Paysafe struggles; RLJ gains; Clarivate tranches mixed
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 11 – While no deals cleared the primary market on Friday, the high-yield week ahead is expected to be an active one with sources expecting about $10 billion in new supply.
Madison IAQ, LLC joined the forward calendar with plans to start a roadshow for a $1.49 billion two-tranche offering on Monday.
There are whispers of serial issuers Icahn Enterprises and OneMain Finance Corp. tapping the market in the coming week as well.
While the overall cash bond market remained strong on Friday, the performance of several recent deals was mixed.
Paysafe Holdings US Corp.’s 4% senior secured notes due 2029 (B1/B+) continued to trade off in high-volume activity after a weak break that saw the notes immediately dip below par.
Clarivate Science Holdings Corp.’s two tranches were mixed with the lower-yielding secured notes flat but their higher-coupon, unsecured counterparts trading up to a 102-handle.
RLJ Lodging Trust, LP’s 3¾% senior secured notes due 2026 (Ba3/BB-) continued to gain momentum in active trading.
While volume in the name was light, MicroStrategy Inc.’s 6 1/8% senior secured notes due 2028 (B1/B-) remained under pressure with the notes dropping firmly below par.
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