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Quiet primary preps for Gateway deal, new-issue revival ahead; Murray Energy, AerCap rise
By Paul Deckelman and Paul A. Harris
New York, Feb. 14 – It was another quiet day in Junkbondland’s primary sphere on Tuesday, with no new U.S. dollar-denominated and fully junk-rated offerings from domestic or industrialized-country borrowers heard to have priced for a second consecutive session.
However, syndicate sources said price talk surfaced on Canadian gaming company Gateway Casinos & Entertainment Ltd.’s upcoming offering of seven-year secured notes, with pricing expected early Wednesday.
The sources meantime were looking for a pickup soon in primaryside activity, with multiple new-deal announcements expected later in the week.
Among recently priced issues, trading was again brisk in Cliffs Natural Resources Inc.’s new seven-year notes, which pushed back up after Monday’s retreat. Block Communications Inc. continued to strengthen in active trading.
But the market’s overall focus shifted away from recently priced new deals and back to established issues.
Coal producer Murray Energy Corp.’s notes shot up in heavy trading.
Aircraft leasing company AerCap Holdings NV’s several series of bonds took flight, on active volume, after Moody’s Investors Service lifted its corporate family and unsecured bond ratings to investment grade.
Statistical market performance measures posted their fourth consecutive stronger session on Tuesday, and their seventh such higher session in the last 10 trading days. The indicators had turned higher across the board this past Thursday, after having been lower all around on Wednesday and mixed for two straight sessions before that, and then held those gains on Friday, Monday and again on Tuesday.
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