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Radian prices, new bonds pop, recent deals steady; Valeant down on warning, lower guidance
By Paul Deckelman and Paul A. Harris
New York, March 15 – Shakespeare famously warned to “beware the Ides of March” – and investors in Valeant Pharmaceuticals International Inc. must have felt like the doomed Julius Caesar on Tuesday, as the embattled Canadian drug manufacturer’s bonds and shares were both slashed to ribbons in heavy trading, as the company warned that it could face default on some of its debt and reduced its guidance, including its projections for debt repayments.
Elsewhere, mortgage insurance company Radian Group Inc. came to market with an upsized $350 million issue of five-year notes. Traders heard the new bonds had firmed smartly when they reached the aftermarket, on robust volume.
Also pricing were a pair of euro-denominated offerings – from German industrial conglomerate ThyssenKrupp AG and French construction materials company ParexGroup. French automotive equipment supplier Faurecia SA began shopping a bond offering around to prospective investors.
Back in the domestic market, the three new deals that priced Monday – from Avis Budget Car Rental, LLC, Clean Harbors, Inc. and CNH Industrial Capital LLC – were seen at or slightly below the levels at which they had finished on Monday, on active volume.
Traders saw the overall high yield market featureless and muted, with investors stay cautious as the Federal Reserve began its two-day policy-setting meeting on Tuesday.
Statistical market performance measures turned lower across the board on Tuesday, after having been mixed on Monday and having finished higher across the board for two consecutive sessions on Thursday and Friday.
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