Sinclair megadeal, Melco Resorts on tap; Hexion drops; Chemours under pressure; PG&E on the rise

By Abigail W. Adams

Portland, Me., July 9 – The domestic high-yield primary market’s forward calendar continued to grow on Tuesday with two new deals on deck.

Melco Resorts Finance Ltd. was in the market with a $500 million offering of eight-year senior notes.

Sinclair Broadcast Group Inc. kicked off the high-yield portion of its financing for acquisitions from the Walt Disney Co. on Tuesday – a whopping $4,875,000,000 two-part offering.

Meanwhile, there was also an uptick of activity in the secondary space with liquidity returning to its pre-holiday levels.

Chemical makers were under pressure on Tuesday after BASF SE, one of the world’s largest chemical companies, slashed its earnings forecast.

Hexion Inc.’s recently priced 7 7/8% senior notes due 2027 were in focus with the notes dropping below par for the first time since pricing.

Chemours Co.’s 5 3/8% senior notes due 2027 were also trading off in high-volume activity.

Pacific Gas & Electric’s 6.05% senior notes due 2034 were among the most actively traded issues in the secondary space with the notes seeing a multi-point gain on the heels of California’s approval of legislation for the creation of a wildfire fund.

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