NFP prices; recent Rose Rock, Cascades, HCA deals busy; market tone softer; Conns climbs

By Paul A. Harris and Paul Deckelman

New York, May 12 – The high-yield world saw a quiet primary session on Tuesday, as just one new deal priced: an upsized $275 million add-on from NFP Corp.

Traders did not see any initial aftermarket trading of note in the new NFP bonds, while there was considerable activity in two of Monday’s deals, from Rose Rock Midstream, LP and Cascades Inc.

The most actively traded junk issue was also a recently priced offering – last week’s megadeal-sized add-on from HCA Inc.

All of those recently priced new issues were seen lower on the day, in line with an early pullback in the bond, stock and Treasury markets, traders said, although the latter two staged impressive late-day comebacks. Junk, too, came off its earlier lows, closing unchanged to a little lower for most issues.

Away from the deals that have actually priced, Blue Coat Holdings Inc. and VistaJet Holding SA were being shopped around to prospective investors.

Away from the new deals, Rosetta Resources Inc.’s bonds traded actively for a second straight session.

And Conns Inc.’s bonds and shares both firmed smartly as an analyst suggested the retailer might sell its customer credit portfolio.

Statistical market performance indicators turned lower across the board on Tuesday after having been mixed on Monday and higher all around on Friday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.