NFP, G-III Apparel price; SeaWorld trades up; Calpine improves; Apache jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 30 – Over $1.5 billion of new paper entered the junk bond market on Thursday, in spite of an announcement about a precipitous decline in the U.S. gross domestic product number for the second quarter.

NFP Corp. brought an upsized $1.25 billion and G-III Apparel Group Ltd. priced an also upsized $400 million.

Meanwhile, the secondary space was volatile on Thursday with the market opening the day down 3/8 to ½ point but closing the day with nominal gains, sources said.

New paper remained in demand with SeaWorld Entertainment, Inc.’s 9½% second-priority senior secured notes due 2025 (Caa2/CCC) trading up to a 101-handle.

Calpine Corp.’s two tranches of senior notes (B) continued to improve with both tranches hitting fresh highs.

Outside of new paper, recent fallen angel Apache Corp. was in focus with the oil and gas company’s capital structure jumping 4 to 8 points following an earnings beat and a new oil discovery.

Meanwhile, fund flows remained positive over the past week although they paled in comparison to the previous week’s $3.9 billion inflow.

High-yield mutual and exchange-traded funds added $295 million through Wednesday’s close, according to Refinitiv Lipper Fund Flows.

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