Upsized CalAtlantic drives by; new Tenet megadeal busy; Hertz, PetSmart retreat

By Paul Deckelman and Paul A. Harris

New York, June 6 – Fresh off one of its biggest sessions ever on Monday, the high yield primary market took a step back to catch its collective breath on Tuesday, pricing one new deal worth $350 million, from homebuilder CalAtlantic Group, Inc.

That was well down from the more than $5 billion which got done in seven tranches on Monday – the second-busiest primary session so far this year, according to data compiled by Prospect News.

Monday’s signature deal – hospital operator Tenet Healthcare Corp.’s nearly $4 billion four-part behemoth of a bond sale – topped Tuesday’s Most Actives list, with all four tranches seen having firmed modestly.

The new CalAtlantic notes were also active and also moved up a little from their issue price.

Recently priced new issues from car-rental giant Hertz Corp. and from specialty retailer PetSmart, Inc., on the other hand, were both down more than 1 point on the day

Statistical market performance measures were trending lower on Tuesday after having turned mixed on Monday; the indicators had been higher across the board for a second consecutive session on Friday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.