Junk: Global Auto, Chobani, Antero price; DISH tanks again; funds add $532.5 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 11 – Three issuers raised $2.15 billion with four junk-rated, dollar-denominated tranches on Thursday, the biggest day in the high-yield new issue market in over a month.

Naked into the world – or, at least the primary market – came first-time issuer Global Auto Holdings Ltd.

The privately held auto components company brought a hefty $1.05 billion of senior notes (B2/B+) in two evenly sized tranches.

And the deal came with no reverse inquiry, traders noted, tirelessly, throughout the week.

Chobani, LLC and Chobani Finance Corp., Inc. priced the year’s first triple-hooks deal in a Thursday drive-by.

The session’s sole upsized deal came from Antero Midstream Partners LP and Antero Midstream Finance Corp.

Meanwhile, the highly anticipated Consumer Price Index report came and went on Thursday with the report doing little to change the market’s rate expectations.

The cash bond market was initially soft following the report’s release with the CPI print coming in higher than expected.

However, the market firmed as Treasuries rallied mid-session with the 10-year yield closing the day below the 4% threshold.

The senior notes issued by DISH DBS Corp. plunged another 2 to 6 points with the asset reshuffle announced on Wednesday raising the ire of its creditors.

High-yield mutual funds and exchange-traded funds saw inflows of $532.5 million in the week through Wednesday’s close, a source said.

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