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EP Energy upsizes, prices; new Tenet trades up; Constellation climbs; funds fall $2.284 billion
By Paul Deckelman and Paul A. Harris
New York, Nov. 17 – The high-yield primary saw a quieting-down of activity on Thursday, syndicate sources said, reporting just one deal worth $500 million as pricing during the session – oil and natural gas operator EP Energy LLC’s upsized and somewhat restructured eight-year senior secured notes.
That was a falloff from the $2.7 billion of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country issuers which got done in three tranches on Wednesday and the $1.7 billion of such paper which came to market in four tranches on Tuesday.
One of those Wednesday deals, from hospital operator Tenet Healthcare Corp., was heavily traded on Thursday, adding to the sizable gains that five-year secured issue had racked up in initial aftermarket dealings following its pricing.
Wednesday’s big new offer of five-year unsecured paper from Canadian transportation equipment manufacturer Bombardier, Inc. was also busy, but stayed right around its below-par issue price.
Apart from the new or recently priced deals, Constellation Brands, Inc.’s paper firmed in very busy trading across the alcoholic beverage maker and marketer’s capital structure, helped by a Fitch Ratings upgrade to BBB-.
High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall junk market liquidity trends – recorded their sixth consecutive weekly net outflow, as $2.284 billion more left those weekly-reporting-only domestic funds in the form of investor redemptions than came into them during the week ended Wednesday.
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