Junk: DirecTV, Alliant add-on price; Chobani outperforms; Global Auto lags; Antero higher

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 12 – DirecTV and Alliant were the focus of activity in the junk bond primary space on Friday.

Meanwhile, the secondary market closed the week on firm footing as the short end of the Treasury curve continued to rally in the wake of the latest inflationary data.

The Producer Price Index report reflected a faster-than-anticipated reduction in wholesale prices, further validating the market’s expectations for rate cuts.

However, the optimism in the market was cautious as market players turn their attention to earnings to gauge the state of the economy with recession risk in mind, a source said.

The majority of new issues continued to perform well.

Chobani, LLC/Chobani Finance Corp., Inc.’s 7 5/8% senior notes due 2029 (Caa1/CCC+) outperformed in the aftermarket with the notes continuing to add to the strong gains made on the break.

Antero Midstream Partners LP/Antero Midstream Finance Corp.’s 6 5/8% senior notes due 2032 (Ba3/BB) also continued to trade at solid premium to their issue price.

However, Global Auto Holdings Ltd.’s two tranches of senior notes (B2/B+) struggled in the aftermarket with both issues closing the day below par.

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