Goodyear, T-Mobile lead $4.35 billion drive-by parade; Ally, Huntington Ingalls also price

By Paul Deckelman and Paul A. Harris

New York, Nov. 2 – Fresh off a not-so-busy October, the high-yield primary sphere started November off with a bang on Monday. Four issuers brought a total of $4.35 billion of new junk-rated, dollar-denominated paper to market via quickly shopped transactions.

That one-day tally was nearly half of the $9.4 billion that got done in all of October, according to data compiled by Prospect News.

The big deal of the day was T-Mobile USA, Inc.’s $2 billion offering of 10.25-year notes, which was upsized from an originally announced $1 billion.

Goodyear Tire & Rubber Co. also did a megadeal, pricing $1 billion of eight-year notes.

The day saw somewhat smaller but still substantial new deals from Ally Financial Inc., which came to market with $750 million of three-year notes, pricing the bonds at a discount, and Huntington Ingalls Industries Inc., which sailed in with a $600 million 10-year offering.

The latter issue was the first of the day’s deals to price and consequentially was the one most often seen in aftermarket dealings; traders said the new bonds firmed smartly in the secondary on active volume.

They also reported continued firm trading levels in the new issues that came to market at the tail end of last week, First Data Corp., Level 3 Communications, Inc. and Lennar Corp.

Statistical market-performance indicators turner stronger across the board on Monday after having been mixed on Friday.

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