Oldcastle at a premium; VICI active on upgrade, new offering; Spirit Aerosystems weaker

By Abigail W. Adams

Portland, April 18 – The domestic high-yield bond primary market remained quiet on Monday on a slow return from the long holiday weekend.

Sources were mixed on what to expect for new issuance in the coming week.

While some high-quality credits were heard to be in the wings with offerings, those deals are largely dependent on Treasuries.

Meanwhile, the secondary space was equally quiet on Monday with the market flat on thin volume.

Oscar AcquisitionCo LLC’s (Oldcastle BuildingEnvelope) 9½% senior notes due 2030 (Caa1/CCC+), the only deal to price the previous week, was trading at a premium to their deeply discounted issue price.

VICI Properties Inc.’s senior notes were active after achieving rising star status following its latest split-rated offering to fund the buyout of MGM Growth Properties.

Spirit AeroSystems, Inc.’s 4.6% senior notes due 2028 (Caa1/CCC+) were weaker in active trading.

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