Primary quiet, though market awaits Chemours, Schulman slates; Quicken, other recent deals busy

By Paul A. Harris and Paul Deckelman

New York, May 4 – The high-yield market began the first full trading week in May on a quiet note, with no new dollar-denominated, fully junk-rated paper seen having come to market, in contrast to the $1.05 billion that priced in three tranches on Friday.

High yield syndicate sources, however, were looking forward to the expected Tuesday pricing of a sizable junk deal, with Chemours Co. – a Wilmington, Del.-based performance chemicals maker being spun off from industry giant DuPont – seen bringing a $2.5 billion equivalent three-part offering of dollar- and euro-denominated notes.

The new-deal arena also saw plastics maker A. Schulman Inc. getting ready to hit the road to market $375 million of eight-year notes.

In the secondary realm, recently priced new issues continue to see most of the action, particularly Friday’s $1.25 billion split-rated offering from online lender Quicken Loans Inc.; for a second straight session, the quasi-junk deal, attracting interest from both high-yield investors and higher-grade market participants looking for yield, was the most actively traded name in the junk space.

There was considerable activity as well for a second straight session in Friday’s 10-year issue from hotel operator Extended Stay America, Inc.

Statistical measures of market performance were mixed on the session, after having been higher across the board on Friday. It was the second mixed day in the last three sessions.

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