Domestic primary dormant; California Resources gains continue; HCA improves; Diebold up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 27 – The domestic primary market remained dormant on Monday with trading volume in the secondary space half the normal amount, sources said.

The slow pace of activity is expected to persist throughout the week with all eyes on the steady flow of deals expected in September.

While major currency deals continue to hold out until post Labor Day weekend, one more Nordic deal is on deck from Ship Finance International Ltd.

HCA Inc.’s recently priced 5 5/8% senior notes due 2028 (Ba2/BB-) were volume leaders on Monday with the notes again seeing a slight improvement.

HCA’s 5 3/8% senior notes due 2026 were less active and unchanged on the day. However, both tranches are now firmly entrenched above par.

California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were again volume leaders with the notes up another 1 point after a steady climb throughout last week.

Vistra Energy Corp.’s 5½% senior notes due 2026 (Ba3/BB/BB) saw renewed attention in the secondary space. While active, the notes were largely unchanged.

Diebold Inc.’s struggling 8½% senior notes due 2024 jumped almost 5 points after the company announced it had secured financing for a $650 million term loan.

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