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Morning Commentary: Atalian talks €125 million; new Pinnacle Foods 5 7/8% notes trade higher
By Paul A. Harris
Portland, Ore., Jan. 12 – High-yield bonds opened the Tuesday session with a good tone, as some names were up as much as one-quarter of a point, sources said.
Overall the market was pretty quiet, a trader said.
High-yield ETFs were better on the morning, although less than anticipated, given the backdrop, the trader said, adding that the ETFs sold off on Monday.
The iShares iBoxx $ High Yield Corporate Bd (HYG) was up 21 cents, or 0.26%, at $79.61 per share heading into the Tuesday mid-morning. SPDR Barclays High Yield Bond ETF (JNK), at $33.53 per share, was up a dime, or 0.3%.
The new Pinnacle Foods Inc. 5 7/8% senior notes due 2024 (B2/B+) were trading nicely at 102¼ bid, 102½ offered, sources said.
The $350 million issue priced at par on Monday, at the tight end of yield talk.
The acquisition financing deal was driven on $1 billion of reverse inquiry and played to $2 billion of orders, according to a trader, who added that investors were reaching for the deal and allocations were not great.
Atalian talk 104.5 to 105
In the European high-yield market, Paris-based Atalian talked a €125 million add-on to its 7¼% senior notes due Jan. 15, 2020 (B2/B) at 104.5 to 105.
Books were scheduled to close at 11 a.m. ET on Tuesday, and the deal was set to price thereafter.
The debt refinancing deal is going well and should price Tuesday, an investor said.
Global coordinator Credit Suisse will bill and deliver. BNP Paribas is also a global coordinator. SG is a bookrunner.
Away from Atalian, a European pipeline is building, a London-based sellside source said.
Look for deals from double B credits to surface in the week ahead, the source advised.
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