RJS megadeal is sole pricing, moves up; Allegiant active; Constellation firms on numbers

By Paul Deckelman and Paul A. Harris

New York, July 2 – Things quieted down in Junkbondland on Wednesday as participants started getting ready for the upcoming market holiday on Friday and the three-day July 4th weekend.

High-yield syndicate sources saw just one big deal price during the session: a $1.25 billion issue of five-year notes from RJS Power Holdings LLC. Traders saw the new bonds quoted higher in the aftermarket.

That one megadeal-sized offering stood in contrast to Tuesday’s action, when four issuers each brought one tranche to market, totaling some $2.35 billion of new dollar-denominated, fully junk-rated paper.

Those four deals were all seen having firmed from their respective issue prices, including Hub International Ltd. and Puma Energy, neither of which had been seen on Tuesday immediately after their pricings, as well as AmSurg Corp. and Jaguar Holding Co. I., which were both seen having moved up.

Among recently priced issues, there was a fair amount of activity in Allegiant Travel Co.’s five-year notes that priced back on June 20, although nobody had seen any fresh news out on the company.

Away from the new deals, Constellation Brands, Inc.’s paper traded at firmer levels – though on not much volume – after the company reported sharply better quarterly results from a year ago.

Statistical market-performance indicators were seen mixed on Wednesday after having headed higher on Tuesday.

© 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.