Primary prices whopping $7.4 billion; forward calendar grows; Tegna improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 9 – Nine issuers priced a combined 11 tranches of junk on Wednesday to raise a whopping $7.4 billion, as what has become a post-Labor Day torrent of new-issue business continued to play out.

Characteristic of a red-hot high yield market, all 11 tranches priced at the tight ends of talk.

Six of the nine issuers upsized their offerings.

Five of those issuers came as Wednesday drive-bys (see related stories in this issue).

Meanwhile, trading activity in the secondary space remained muted with focus on the active pipeline of new deals.

While Wednesday was a strong day, some institutional buyers were starting to leave the space, which some expected to become a growing trend, a source said.

However, new paper remained in demand and continued to see strong breaks.

Tegna Inc.’s recently priced 4¾% senior notes due 2026 (Ba3/BB-) were improved in active trading on Wednesday after a lackluster reception in the secondary space on Tuesday.

Outside of the new paper, Staples Inc.’s 7½% senior notes due 2026 made large gains in active trading.

© 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.