Dollar market quiets down; BevMo! shops deal; new Yum!, HCA, PetSmart, Hertz issues gain

By Paul Deckelman and Paul A. Harris

New York, June 13 – Amid continued soaring temperatures in the Northeast and other parts of the United States, even though the official start of summer is still a week away, the high-yield dollar-denominated market seemed to slip into a sunny, “dog days”-like torpor on Tuesday, with nothing heard to have priced.

The day’s sole pricing came from the split-rated crossover issuer American Equity Investment Life Holding Co., which did a $500 million 10-year issue.

Otherwise, the only news generated on the primaryside came from beer, wine and spirits seller BevMo!, which was heard to be getting ready to hit the road to market a $190 million five-year secured deal.

In the secondary arena, traders did see brisk activity in the recently priced issues of such companies as Yum! Brands, Inc., which priced on Monday, and going back a little further, HCA Inc., PetSmart, Inc. and Hertz Corp., all of which were on the upside.

Even the existing notes of PetSmart and Hertz – under pressure along with their new-issue counterparts – were seen on the rebound Tuesday.

Statistical market performance measures were higher all around for a second consecutive session on Tuesday; they had turned northward on Monday after having been mixed on Friday and lower across the board for the three straight sessions before that.

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