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Junk: First Quantum, Royal Caribbean price; EQM edges higher; funds add $10.7 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 22 – Three issuers combined to raise $3.25 billion in Thursday’s high-yield primary market session.
Each priced a single dollar-denominated tranche of bonds. Executions were sharp.
First Quantum Minerals Ltd. priced a $1.6 billion issue of five-year second-lien secured notes (B/B) at par to yield 9 3/8%, 12.5 basis points inside of the 9½% to 9¾% yield talk. Initial guidance was in the 10% area.
Royal Caribbean Cruises Ltd. priced an upsized $1.25 billion issue of eight-year senior notes (Ba2/BB+) at par to yield 6¼%.
The issue size increased from $1 billion.
The yield printed at the tight end of yield talk.
And Tallgrass Energy Partners, LP priced a $400 million issue of Prairie Acquiror LP 5.5-year senior secured notes (B3/B) at par to yield 9%, at the tight end of the 9% to 9¼% talk.
Meanwhile, a risk-on sentiment returned to the market on Thursday with the cash bond market adding ¼ to 3/8 point with year-to-date returns once again swinging to positive territory.
EQM Midstream Partners, LP’s new 6 3/8% senior notes due 2029 (Ba3/BB-/BB) edged higher after a decent break in heavy volume.
High-yield mutual funds and exchange-traded funds saw nominal inflows of $10.7 million in the week through Wednesday, a market source said of the Refinitiv Lipper Fund Flow report.
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