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Junk primary idle; secondary ‘on fire’; Raising Cane’s adds; Six Flags, Cedar Fair active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 2 – In the face of a big rally in risk assets, the high-yield primary market remained idle on Thursday.
However, several telegraphed deals are expected to come to market shortly, including a leveraged buyout financing transaction from Veritiv Corp. and debt refinancing deals from EG Group and Ineos Quattro.
Meanwhile, the secondary space shot higher on Thursday as buyers returned to the market in full force on the heels of the Federal Open Market Committee’s Wednesday announcement.
The cash bond market jumped more than 1 point with year-to-date returns regaining a 6-handle as markets cheered on the end of the rate hike campaign.
“Everything is on fire,” a source said. “There have been some huge movements.”
Raising Cane’s Restaurants LLC’s 9 3/8% senior notes due 2029 (B3/B/BB-) continued to add after a strong break, with the notes jumping 1 point amid the market rally.
News that Cedar Fair LP and Six Flags Entertainment Corp. will merge in an $8 billion all-stock transaction sparked activity in the companies’ junk bonds.
Six Flag’s 7¼% senior notes due 2031 (B3/B) were largely unchanged after getting bid up the previous session. Cedar Fair’s 5¼% senior notes due 2029 (B3/B) were lower.
Outflows continued with high-yield mutual funds and ETFs losing $952.7 million in the week through Wednesday’s close, according to a market source.
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