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Primary stays quiet, recent deals active; Cliffs up on equity issue; funds lose $1.8 billion
By Paul Deckelman and Paul A. Harris
New York, June 16 – The high-yield primary market continued to cool down on Thursday after its recent bursts of intense activity, seeing its second consecutive session in which no U.S. dollar-denominated and fully junk-rated paper had priced.
The only pricing seen involved an eight-year offering of euro-denominated paper from Canadian soft-drink bottler Cott Corp.
Market sources said the Cott deal had been the only real imminent business on the Junkbondland forward calendar.
They said that the junk world, like a number of other financial markets, was cautious and wary ahead of next Thursday’s scheduled vote in the United Kingdom on whether Britain should leave the European Union, with participants trying to handicap what impact the various outcome scenarios might have on their investments.
Recently priced issues such as Dell, Inc., DISH Network Corp. and Reynolds Group Holdings Ltd. continued to trade actively.
Away from the new issues, Cliffs Natural Resources Inc.’s bonds – particularly its 2018 notes – jumped on the news that the iron-ore producer plans to raise $300 million via an equity offering and use the proceeds for debt repayment.
Statistical market performance measures were mixed for a second straight session on Thursday, after having been lower for three consecutive sessions before that. Thursday was the third mixed session in the last six trading days.
Flows of investor cash into or out of high-yield mutual funds and exchange-traded funds suffered their first outflow after two straight weeks of inflows before that, as $1.802 billion more left those weekly-reporting-only domestic funds in the form of investor redemptions than came into them during the week ended Wednesday.
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