Howden, Allied wrap big week in junkland; Charter falls on earnings miss, Altice drops in sympathy

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 2 – In an active Friday session in the junk new issue market, two companies priced a combined three tranches of notes for an overall total of $2.5 billion, concluding the biggest week in over two years.

Howden Group (B2/B) priced an upsized $1.5 billion two-tranche offering of secured and unsecured notes and Allied Universal priced an upsized $1 billion issue of seven-year senior secured notes (B3/B).

Meanwhile, it was a volatile day in the secondary space as the latest U.S. nonfarm payrolls report rattled markets.

In specific names, Copeland’s 6 5/8% senior secured notes due 2030 (Ba3/BB-/BB+) were traded in heavy volume following the add-on of the previous session with the notes moving with a strong premium to their reoffer price.

While the market remains new issue focused, earnings-related news sparked large movements in the space.

Charter Communications, Inc. subsidiary CCO Holdings, LLC’s senior notes (B1/BB-) sank 1 to 2 points in heavy volume after Charter’s earnings disappointed.

Altice USA Inc. subsidiary CSC Holdings, LLC’s senior notes were taking a hit in sympathy with the notes down 1 to 3 points in active trade.

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