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Six issuers price $3.82 billion; recent deals in focus, trade up; funds add $4.01 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 8 – Thursday’s high-yield primary had just shy of $4 billion in new paper.
Led by Gray Television, Inc., issuers sold seven tranches, two of them as drive-by deals.
Meanwhile, the secondary space remained firm on Thursday with ETF buying continuing to drive the market higher, a source said.
With the primary market’s pipeline picking up, new paper was again in focus in the secondary space with recent deals performing well across the board.
Charter Communications, Inc. subsidiaries’ CCO Holdings LLC/CCO Holdings Capital Corp. 4½% senior notes due May 1, 2032 (existing ratings B1/BB/BB+) were in focus and trading at a premium to the reoffer price following a $1.5 billion add-on.
Jaguar Land Rover Automotive plc’s 7¾% guaranteed senior notes due 2025 (B1/B/B) were also trading up in high-volume activity.
White Cap Buyer LLC’s 6 7/8% senior notes due 2028 (B2/B) skyrocketed in the aftermarket.
Meanwhile, after two weeks of substantial outflows, fund flows turned positive.
Mutual and exchange-traded funds had $4.014 billion of inflows for the week to Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
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