Weatherford upsizes in HY sector; risk-on in secondary; Iliad gains continue; Altice breaks par

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 14 – A busy Thursday session saw five issuers raise a total of $3.7 billion with single-tranche issues that had been marketed by means of roadshows.

Executions were good, with three of the five tranches coming at the tight ends of talk, one in the middle of talk and one at the wide end.

Weatherford International Ltd. brought the day’s largest sale.

Meanwhile, it was risk-on in the secondary space as positive earnings and a declining 10-year Treasury yield emboldened market bulls.

The cash bond market was up ½ to 5/8 points with several rate-sensitive names that had been under pressure markedly improved as the 10-year Treasury yield slid to 1.52% at the market close, sources said.

Iliad Holdings SAS’ dollar-denominated senior secured notes (B2/B+) were in focus in the secondary space with the notes continuing to gain after a strong break.

Medline Industries, LP’s two tranches of senior notes returned to focus in the secondary space with both improved.

The 3 7/8% senior secured notes due 2029 (B1/B+/BB-) broke par for the first time in nearly two weeks with the notes lifted alongside other rate-sensitive issues.

Altice France SA’s 5½% senior secured notes due 2029 (B2/B) were also on the rise with the notes breaking par for the first time since hitting the secondary space.

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