CNH, Platform Specialty Products price; Platform pops; new T-Mobile jumps on heavy volume

By Paul Deckelman and Paul A. Harris

New York, Nov. 3 – The high-yield primary sphere remained busy on Tuesday, the second trading day of the new month of November. The session was not quite as active as the new-deal world had been on Monday to kick off the new month but respectably productive nonetheless.

Syndicate sources saw $1.1 billion of new dollar-denominated and fully junk-rated paper price in two tranches, although that paled in comparison to the more than $4 billion that had gotten done in four tranches on Monday.

CNH Industrial NV priced $600 million of five-year notes in a quickly shopped transaction, and Platform Specialty Products Corp. did an upsized $500 million of 5.5-year notes. The latter deal, which had been announced on Monday and was in the market overnight, was quoted solidly higher in initial aftermarket dealings.

Traders meantime said that Monday’s upsized $2 billion deal from T-Mobile USA, Inc. was easily the busiest credit in Junkbondland on Tuesday and was up sharply from its issue price.

Away from the new deals, Valeant Pharmaceuticals International Inc.’s bonds rose for a second straight session in active dealings, continuing to recover some of the ground they lost last week.

Statistical market-performance indicators were stronger across the board for a second straight session on Tuesday; they had improved on Monday after having been mixed for two consecutive sessions last Thursday and Friday.

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