Waste Pro prices, rises; Downstream gains more; Cliffs up on Q4; funds lose $1.13 billion

By Paul Deckelman and Paul A. Harris

New York, Jan. 25 – The high-yield primary market saw one new deal pricing on Thursday – but that medium-sized offering of eight-year notes from solid-waste management company Waste Pro USA Inc. saw heavy aftermarket trading and posted solid gains.

Wednesday’s well-received new issue from tribal gaming entity Downstream Development Authority added to the hefty initial gains it had posted when it began trading around right after pricing, although volume on Thursday dropped off.

Traders meantime saw active dealings from Wednesday’s other new issues, from oil and natural gas exploration and production company Diamondback Energy Inc. and commercial mortgage REIT Starwood Property Trust, Inc.

Algeco Scotsman announced plans for marketing a €1.42 billion equivalent five-tranche notes deal, denominated in euros and in dollars; the container and modular structure company’s existing bonds were seen higher in active trading.

Away from new-deal related names, Cleveland-Cliffs Inc.’s bonds firmed after the iron-ore company reported fourth-quarter and full-year 2017 results.

Statistical market performance measures improved on Thursday after turning mixed on Wednesday.

But another numerical indicator – flows of investor cash into or out of high yield mutual funds and exchange-traded funds – remained in negative territory for a second straight week as $1.13 billion left those weekly-reporting-only domestic funds during the week ended Wednesday, Jan. 24.

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