Sanchez sells upsized drive-by add-on, Teine Energy prices; recent new issues stay active

By Paul Deckelman and Paul A. Harris

New York, Sept. 9 – The high-yield primary saw a second consecutive session of just modest activity on Tuesday. As had been the case on Monday, two smallish single-tranche deals had priced by the time the dust had settled.

Sanchez Energy Corp. brought an upsized and quickly shopped $300 million add-on to its existing 2023 bonds.

Out of that same oil and gas sector, Canada’s Teine Energy Ltd. did a $350 million eight-year issue as a regularly scheduled forward calendar deal.

Monday’s quickly shopped $200 million add-on to diversified holding company Harbinger Group Inc.’s existing 2022 notes was seen only lightly traded on Tuesday, holding right around their issue price.

And similar to Monday’s activity, traders saw continued brisk trading levels in some of the new deals that came to market last week, such as those from T-Mobile US, Inc., Clear Channel Communications, Inc., and Linn Energy, LLC.

Secondary market activity away from the new deals remained lackluster.

Statistical indicators of junk market performance were lower across the board on Tuesday after having been mixed for the two previous sessions.

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