AkzoNobel sets roadshow; Eldorado trades up; Cheniere, Avolon unchanged; Tesla’s new low

By Abigail W. Adams

Portland, Me., Sept. 7 – After a burst of activity that saw $4.95 billion pricing in four deals over the past week, the domestic primary market was quiet on Friday. However, the weeks ahead promise to be active ones.

AkzoNobel NV joined the forward calendar with plans to launch a roadshow for €1,385,000,000 equivalent of eight-year senior notes that will run into the Sept. 17 week.

Pacific Drilling SA is planning a roadshow for a $700 million offering of five-year senior secured first lien notes that will run through Sept. 13 with pricing expected thereafter.

Meanwhile, the new paper priced over the past week was active in the secondary space, although with mixed results.

Eldorado Resorts Inc.’s 6% senior notes due 2026 saw the strongest performance with the notes trading up to 1 point above their issue price.

However, Cheniere Energy Partners, LP’s 5 5/8% senior notes due 2026 and Avolon Holdings Ltd.’s 5 1/8% senior notes due 2023 (Ba3/BB) continued to trade just above par.

Intelsat Jackson Holdings SA’s newly priced 8½% senior notes due 2024 remained below par on Friday.

While the new paper was in focus, Tesla Inc.’s 5.3% senior notes due 2025 topped the charts for trading volume with the notes dropping to their lowest level since pricing in response to the latest batch of headlines.

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