Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Constellation Brands Inc. > News item |
Murray’s new notes drift down; Constellation reaches for the stars; Halcon up despite downgrade
By Paul A. Harris and Stephanie N. Rotondo
Phoenix, April 10 – The secondary high-yield bond market was holding onto the week’s gains on Friday.
The KDP High Yield index ended higher at 71.65, with a 5.23% yield. That compared to Thursday’s reading of 71.64, with a 5.24% yield.
However, while that index was up, the Markit Series 24 CDX North American High Yield index was unchanged at 107.7 bid, 107.78 offered, according to a market source.
Murray Energy Corp.’s newly priced 11¼% six-year notes were trading actively during the session. The downsized deal came to market on Thursday at a discount.
On Friday, the company announced that its cash tender offer was going swimmingly, with 97% to 98% of bondholders participating by the early deadline.
Meanwhile, Constellation Brands Inc. was heading into higher territory following the company’s quarterly earnings release on Thursday. In addition to reporting figures that were mostly in line with estimates, the company declared its first-ever dividend.
In the oil and gas space, Halcon Resources Corp. shrugged off a downgrade from Standard & Poor’s. The rating change came one day after the company announced a private debt-for-equity exchange.
The U.S. primary market was quiet Friday with no news emerging. However there were two new deals announced in Europe, one by French chemical company SNF Floerger, the other by German auto parts manufacturer ZF Friedrichshafen AG.
© 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.