Advisor Group, Cision, Dealer Tire on tap; Radiology Partners trades up; Station Casinos lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 27 – While no high-yield deals priced on Monday as volatility again roiled global capital markets, the forward calendar did grow.

Advisor Group Inc. started a roadshow for a $575 million offering of eight-year senior secured notes.

The deal joins Cision and Dealer Tire LLC on the forward calendar.

Meanwhile, the secondary space was heavy on Monday with concern over the spreading coronavirus dampening the risk on appetite that has pervaded the market in the new year.

High-yield ETFs were in the red on Monday after seeing a record single day outflow of $1.73 billion on Friday.

While the overall market was down, Radiology Partners, Inc.’s recently priced 9¼% senior notes due 2028 (Caa2/CCC+) were putting in a strong secondary market performance and were well above their issue price in active trading.

However, Station Casinos LLC’s 4½% senior notes due 2028 (B3/B-) were lagging their issue price.

Several recent deals were also losing their premiums in secondary trading.

After a previously strong performance, Albertsons Cos. Inc.’s 4 7/8% senior notes due 2030 shaved off more than 1 point with the notes again approaching par in high-volume activity.

While volume was lighter, the grocery store retailer’s 3½% senior notes due 2023 were holding up well despite the heavy day for the market.

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