Cenveo, Global Partners price issues; West megadeal bounces around; funds off $239 million

By Paul Deckelman and Paul A. Harris

New York, June 19 – For a third straight session, junk market players saw a trio of tranches pricing on Thursday. Issuers brought $1.17 billion of new dollar-denominated, fully junk-rated paper to market, all of it in regularly scheduled deals that priced off the forward calendar.

That was off a little from the $1.45 billion that priced on Tuesday and the $1.42 billion that got done on Wednesday.

Cenveo Corp. did a $790 million two-part offering that was structured into a $540 million tranche of five-year senior-priority notes plus $250 million of 8.25-year junior-priority paper. The former bonds were seen to have traded up a little bit in the aftermarket, while the latter notes hung more around their issue price.

Global Partners LP priced $375 million of eight-year notes, which were not seen by traders having had any aftermarket activity.

Among recently priced issues, Wednesday’s megadeal from West Corp. continued to bounce around at levels mostly below its par issue price.

Overall, statistical indicators of junk market performance turned higher across the board on Thursday, breaking a string of six consecutive mixed sessions before that.

However, another indicator – the flow of fresh money into or out of high-yield mutual funds and exchange-traded funds, considered a good gauge of overall junk market liquidity trends – turned negative for the first time after six straight weeks before that on the upside.

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