MGM leads continued new-deal parade; market awaits Diamond Resorts and Big Tex pricings

By Paul Deckelman and Paul A. Harris

New York, Aug. 16 – The high yield primary market continued to ward off the usual mid-August new-deal lull on Tuesday, pushing out another five new issues totaling $1.55 billion, on top of Monday’s $1.9 billion.

Gaming giant MGM Resorts International had the big deal of the day, a quick-to-market $500 million of 10-year notes.

Also coming in with an unscheduled offering was footwear and apparel company Wolverine World Wide, Inc., with $250 million of 10-years.

Three other offerings priced off the forward calendar after having surfaced in the market on Monday.

Wood products manufacturer and building materials distributor Boise Cascade Co. did $350 million of eight-year notes, while integrated media company National CineMedia, LLC brought $250 million of 10-year paper to market.

Oil and natural gas operator Parsley Energy, Inc. did a $200 million add-on to its existing 2024 notes.

When they hit the aftermarket, the National CineMedia and Boise Cascade bonds were heard by traders to have firmed solidly. They saw the day’s other three new deals hovering around their respective issue prices.

Monday’s new issue from Novelis Corp. began trading, pushing upwards by several points.

Syndicate sources meantime were looking for potential Wednesday pricings from Diamond Resorts International, Inc. – pushed back from Tuesday – and Big Tex Trailers.

Statistical market performance measures turned mixed on Tuesday, after having been higher across the board on Monday after three straight mixed sessions before that.

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