Upsized BWAY two-parter prices; new Dana, KCA trade actively; market digests London news

By Paul Deckelman and Paul A. Harris

New York, March 22 – The high-yield primary sphere showed only one pricing on Wednesday – but it was a big one, as rigid plastic and metal container maker BWAY Holding Co. came to market late in the session with an upsized $2.68 billion two-part offering, after some tinkering with the originally announced tranche sizes.

On Tuesday, a trio of domestic or industrialized-country issuers had priced $1.09 billion of new U.S. dollar-denominated and fully junk-rated paper.

Traders said that two of those new deals were actively traded on Wednesday, though little changed from where they had originally come to market – Scotch energy drilling contractor KCA Deutag UK Finance plc’s five-year secured notes and automotive components manufacturer Dana Corp.’s eight-year unsecured notes.

Elsewhere, traders noted some weakness in the market in response to the news of a terrorist attack in London, although levels were seen to have improved later in the day after the alarming initial news had been digested.

They also noted some activity in healthcare names such as Community Health Systems Inc. ahead of Thursday’s scheduled vote on the Republican congressional replacement for the current Obamacare law.

Statistical market performance measures were lower on Wednesday for a third consecutive session and for the fifth time in the last eight trading days. They had turned lower on Monday and stayed there on Tuesday and on Wednesday after having been mixed on Friday and higher on Thursday, after two consecutive mixed sessions.

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