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Scotts, Communications Sales and upsized RSP Permian drive by; active new issues firm
By Paul Deckelman and Paul A. Harris
New York, Dec.12 – The high yield primary realm remained active on Monday, with no sign of the traditional year-end lull yet in sight.
Syndicate sources reported a trio of quick-to-market offerings of fully junk-rated and U.S. dollar-denominated paper got done, totaling $1.1 billion, although that was off slightly from the $1.365 billion of such paper from domestic or industrialized-country issuers seen during Friday’s session.
Energy operator RSP Permian, Inc. had the big deal of the day, pricing an upsized $450 million of eight-year notes.
Communications Sales & Leasing, Inc., a telecommunications-oriented real estate investment trust, brought $400 million of eight-year paper to market.
And lawn-care products provider Scotts Miracle-Gro Co. did a $250 million 10-year transaction.
Traders in the secondary market meantime saw brisk trading, at higher levels, in the new Scotts and Communications Sales & Leasing paper.
They also saw considerable activity in Friday’s new deals from Carlson Travel Inc. and Starwood Property Trust, Inc., extending the gains they had notched in initial aftermarket action.
Apart from those deals that have already priced, primaryside players were anticipating possible Tuesday pricings of American Midstream Partners, LP’s five-year, regularly scheduled forward calendar offering, and perhaps another pair of energy deals coming on a drive-by basis.
Statistical market performance measures turned mixed on Monday, after having been higher across the board on Friday. It was their second mixed performance in the last three sessions.
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