At least six US companies are tapping the high-yield bond market Monday as the extra yield investors demand over Treasuries hovers at a two-year low.
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AMC Networks Inc., MGM Resorts International and home builder The New Home Company plan to refinance their outstanding debt or conduct tender offers. Steel producer Algoma Steel Group Inc. is offering $350 million in second-lien notes to use for general corporate purposes. Monday’s issuance blitz saw the most transactions launch since January 2023, with high-yield spreads sitting inside of 300 basis points, the lowest in roughly two years. Market sentiment was also buoyed by the Federal Reserve last week forecasting three rate cuts this year.
Many companies coming to the market are seeking to refinance existing debt and extend maturities. Year-to-date, refinancing transactions are running at record levels as a percentage of new-issue proceeds, said Ken Monaghan, co-head of high yield at Amundi US.
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