CNH, Summit drive by, Endo, Univar awaited; new Ball, AerCap busy; Williams less volatile

By Paul A. Harris and Paul Deckelman

New York, June 23 – For a second straight session, the high-yield primary arena saw a pair of quickly shopped new issues price, in contrast to last week, which saw four consecutive days during which just one single deal priced for each of those days.

International heavy equipment manufacturer CNH Industrial NV priced $600 million of three-year notes at a discount to par via a financing subsidiary.

Cement, concrete and asphalt provider Summit Materials LLC came to market with an upsized $325 million of eight-year notes.

Traders reported no immediate aftermarket action in either of the day’s new deals.

They did see considerable trading activity, however, in both of the new issues which got done on Monday.

Metal beverage container maker Ball Corp.’s 10-year megadeal was again among the most active credits, and, as had been the case on Monday, the bonds traded right around their issue price.

Both halves of Dutch aircraft leasing company AerCap Holdings NV’s $1 billion two-part offering were among the most active issues on Tuesday. The notes were trading at firmer levels.

Away from the new deals, there again was a fair amount of activity for a second successive session in the debt of energy pipeline and infrastructure operators Williams Cos., Inc. and Energy Transfer Equity, LP, although prices did not move much, in contrast with Monday, when there were some volatile gyrations after Energy Transfer made a takeover offer for Williams, which the latter company rejected.

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