Energizer, LSB price in HY primary; Macy’s strong on weak day; BellRing hard to find

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 3 – For the first time in over three weeks two issuers priced deals in the high-yield primary market on Thursday.

Energizer Holdings, Inc. and LSB Industries, Inc. each announced deals in the morning and both left the day with more than the asked amounts.

Meanwhile, it was another weak day in the secondary space as investors digested Federal Reserve Chair Jerome H. Powell’s congressional testimony and the latest developments in the Ukraine.

Selling pressure drove the market down about 3/8 point on Thursday after another day of wild swings.

The new deals to recently clear the primary market were putting in strong performances, though.

Macy's Retail Holdings LLC’s two tranches of senior notes (Ba2/BB/BBB-) were trading at a strong premium to their issue price.

BellRing Distribution, LLC’s 7% senior notes due 2030 (B3/B) also held onto their premium despite the selling pressure in the market.

The relatively cheap pricing of recent issues was supporting their secondary market performance, a source said.

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