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Dollar primary market quiets down; new Cliffs busy, easier; Chemours jumps on settlement
By Paul Deckelman and Paul A. Harris
New York, Feb. 13 – The domestic high yield primary market quieted down on Monday following last week’s new-issuance binge – the heaviest new-deal week seen so far this year, weighing in at nearly $8.9 billion in 18 tranches.
No new U.S. dollar-denominated and fully junk-rated issues from domestic or industrialized-country borrowers were heard to have priced during the session, versus $500 million which had gotten done in one tranche on Friday.
Syndicate sources said that there weren’t even any new-deal announcements and only a relatively thin forward calendar being actively marketed.
The sources did hear some new-deal news out of Europe in non-dollar names, including a Swiss franc-denominated pricing from Switzerland-based travel-services provider gategroup and a sterling-denominated deal being marketed by British financial services company Jerrold Holdings Ltd.
In the secondary market, traders saw heavy volume in Friday’s new offering from iron-ore producer Cliffs Natural Resources Inc., with that eight-year issue heard to have eased on the session.
There was also active trading in recently priced issues from oil and natural gas operator Halcon Resources Corp. and packaged food products manufacturer Post Holdings Inc.
Away from the new-deal realm, Chemours Co. LLC’s two issues of bonds jumped in very active trading on the news that it and chemicals giant DuPont, its former corporate parent, reached a final settlement of several thousand personal-injury lawsuit claims relating to exposure to a toxic chemical at a former DuPont West Virginia production plant.
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