Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for KIK Custom Products Inc. > News item |
No pricings, primary seen done for summer; new KIK, Oneok notes active; funds gain $111 million
By Paul Deckelman and Paul A. Harris
New York, Aug. 20 The junk bond primary market began what most observers believe will be its late-summer siesta on Thursday.
With the active forward calendar having been cleared by the new deals that got done on Tuesday and Wednesday, market-watchers said that this likely would be it for new issuance, at least through the Labor Day holiday break in the United States the traditional end of the summer season a little more than two weeks from now.
Looking at the deals that came to market earlier this week, traders saw relatively brisk activity in the new eight-year notes from Canadian pool chemicals and household products supplier KIK Custom Products Inc. and from energy operator Oneok Inc., both trading above their discounted issue prices.
Valeant Pharmaceuticals International Inc.s bonds were seen off in active trading in the wake of the news that the Canadian drug manufacturer has agreed to the $1 billion purchase of Sprout Pharmaceuticals maker of a controversial new drug that has been called the female Viagra.
Statistical measures of junk market performance were lower for a third straight session on Thursday after having been mixed over the previous three sessions and down all around for two consecutive sessions before that.
But another statistical gauge flows of funds into and out of high-yield mutual funds and exchange-traded funds, considered a reliable barometer of overall junk market liquidity trends turned positive for the first time in four weeks, showing a $111 million net inflow in the week ended Wednesday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.