HY primary prices deals to high demand; Coinbase, SWF bounce off lows, remain under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 21 – A busy Tuesday session had four issuers price a total of $4.27 billion of dollar-denominated high-yield notes in six tranches.

Meanwhile, the secondary space improved on Tuesday with the cash bond market up about 1/8 point after Monday’s sell-off, a source said.

However, volume outside of recent issues remained light with focus on the onslaught of new offerings in the works.

Pactiv Evergreen Group Issuer Inc.’s 4 3/8% senior secured notes due 2028 (B1/B+) again topped par after lagging their issue price during heavy market conditions on Monday.

SWF Escrow Issuer Corp.’s (Springs Window Fashions) 6½% senior notes due 2029 (Caa2/CCC) and Coinbase Global, Inc.'s two tranches of senior notes (Ba1/BB+) bounced off their lows from the previous session.

However, the recently priced issues remained well below par.

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