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New Pinnacle bonds firm smartly; GCP hits the road with deal; energy angst continues
By Paul Deckelman and Paul A. Harris
New York, Jan. 12 – New-issue activity in the high yield market was seen to have slackened on Tuesday, with no dollar-denominated and fully junk-rated issues having priced. The sole pricing action came from the euro-denominated segment of the market, with an add-on offering from France-based commercial services and supplies company La Financiere Atalian SAS.
But primaryside sources said GCP Applied Technologies Inc. is slated to begin a roadshow Wednesday for its planned dollar-denominated seven-year deal, the first prospective junk transaction of the year that will be marketed to potential investors via a roadshow rather than coming to market in a same-day drive-by issue.
One of those quick-to-market offerings, from Pinnacle Foods Inc., was the busiest credit in Junkbondland on Tuesday, moving up solidly from Monday’s par issue price.
Traders also saw the other recent same-day deal – last week’s 7.25-year issue from semiconductor manufacturer Microsemi Corp., to have added to the already hefty gains it has notched since pricing last Thursday, although on only very constrained volume.
Away from the new-deal world, crude oil prices continued to slide lower on Tuesday, producing a ripple effect that dragged down the bonds of such energy-related credits as Transocean Inc., Oasis Petroleum Inc., Jones Energy, Inc. and EP Energy Corp.
Statistical measures of junk market performance were mixed for a third consecutive session on Tuesday. They had turned mixed on Friday versus where they had ended on Thursday, after having been down across the board for two straight sessions.
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