Venture prices in junkland, existing notes widen; Global Aircraft expected before weekend

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 19 – Venture Global LNG Inc.’s offering in the junk bond space moved through pricing on Thursday while the deal from co-issuers Global Aircraft Leasing Co., Ltd. and Global Sea Containers II Ltd. is holding in the market at least overnight.

Meanwhile, the secondary space remained heavy as Treasury yields continued to climb with the full curve almost on a 5-handle.

There was a temporary reprieve in the market midsession with buyers coming in as Federal Reserve chair Jerome Powell addressed the Economic Club of New York.

The bounce midsession proved fleeting with the market quickly returning gains and closing the session down ¼ point.

The deals in the pipeline continued to spark movement in the secondary space with Venture Global’s outstanding 8 1/8% senior secured notes due 2028 and 8 3/8% senior secured notes due 2031 (B1/BB/BB-) falling further as talk on its latest offering widened.

Carnival Corp.’s senior notes were succumbing to some selling pressure on Thursday with large outflows hitting ETFs and investors steering clear of companies with high refinancing risk.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.