Pricing drought continues; Eldorado Resorts plans deal; energy mixed, but iron ore slides

By Paul Deckelman

New York, July 8 – The “Great July Pricing Drought” continued for an eighth straight day in Junkbondland, with prospective issuers still hugging the sidelines against a backdrop of all kinds of macroeconomic problems such as the continued slide in China’s stock market and the game of brinksmanship being played out in Europe between Greece and the other Eurozone countries.

While nothing priced – either off the forward calendar or as a quick-to-market transaction – primaryside player saw another prospective deal added to the calendar.

Gaming operator Eldorado Resorts, Inc. unveiled plans for a $375 million issue of eight-year notes, although there was no definitive information immediately available about when that issue might actually come to market.

It joined prospective offerings announced this week by Charter Communications Inc. and TerraForm Power Inc., with timing and other information on those would-be deals equally nebulous at this point.

Away from the new-issue arena, the junk market remained mostly lower.

Iron ore miners such as Fortescue Metals Group Ltd. and Cliffs Natural Resources Inc. were the big losers, driven down by continued declines in ore prices.

However, recently battered oil and gas and coal mining credits such as California Resources Corp. and Peabody Energy Corp. decoupled from iron ore and appeared to have stabilized.

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