Novelis, Ashton Woods, Mr. Cooper price; Air Transport on deck; CVR Energy, Laredo Petroleum lag

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 13 – The domestic high-yield primary market saw an active start to the week with three drive-by deals pricing and one more joining the forward calendar.

Novelis Corp. priced a $1.6 billion issue, Mr. Cooper Group Inc. priced a $600 million issue and Ashton Woods Homes Co. priced a $250 million issue.

Air Transport Services Group, Inc. joined the forward calendar with a $400 million offering of eight-year senior notes.

Meanwhile, new paper remained in focus. However, the recent deals from the energy sector were lagging their issue price in active trading on Monday.

CVR Energy, Inc.’s five- and eight-year senior notes (B1/BB-/BB-) and Laredo Petroleum, Inc.’s five- and eight-year senior notes (B3/B+) were trading below par on Monday, which was a soft day for the energy sector in general.

While the new paper was active, Pacific Gas & Electric Co.’s 6.05% senior notes due 2034 dominated activity in the secondary space with the notes posting gains following news its wildfire settlement with California will be tax deductible.

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