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Lennar drive-by caps $2 billion primary week; Solera reduced, delayed; Intelsat extends rebound
By Paul Deckelman and Paul A. Harris
New York, Feb. 26 – Junkbondland closed out a busier primary week on Friday with a quickly shopped and upsized $500 million offering of five-year notes from homebuilder Lennar Corp.
High-yield syndicate sources said the Lennar deal was the only issue heard to have priced during the session.
Insurance software provider Solera, LLC’s planned dual-currency offering of eight-year notes, which had originally been expected to price at the conclusion of its roadshow for the deal earlier in the week and then was expected on Friday, was delayed once more, pushed off until Monday, and wider price talk emerged. It was also downsized to $1.73 billion equivalent.
With Solera a no-show during the session, the Lennar deal lifted the week’s new issuance to a shade over $2 billion in five tranches, according to data compiled by Prospect News. That was up from the $350 million which had priced in one tranche last week, ended Feb. 19.
When the new Lennar notes hit the aftermarket, traders saw the bonds trade right around their issue price.
Away from the new-deal arena, Intelsat SA extended its rebound from losses posted earlier in the week to a third straight session, with volume in the communications satellite company’s paper remaining active.
Whiting Petroleum Corp.’s bonds were also once again better, building on Thursday’s snapback from losses seen earlier in the week, but volume was only moderate.
Statistical market performance measures were higher across the board for a second consecutive session on Friday; they had improved on Thursday after having been lower on Wednesday. Friday marked their third higher session in the last five trading days.
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