Parsley, Symantec gain as new issues hit market; Cengage mover of the day; retailers mixed

By Colin Hanner

Chicago, Feb. 8 – Several new issues were trading higher in the high-yield market on Wednesday, traders said, and an education company stole the session’s attention with its own multi-point gain.

“There’s a bunch of new issues, so obviously a lot of focus on those,” a trader said.

Parsley Energy, LLC’s new issue, which priced a little later Wednesday, was up more than a point on the session, and an older issue joined in on the gains.

Mountain View, Calif.-based technology company Symantec Corp.’s new issue was even more active than the Parsley new issue, a trader said, but mirrored similar gains.

Educational content, technology and services company Cengage Learning Inc. exceeded quarterly expectations, a reversal of the performance of fellow education publishing company Pearson plc, which fell dramatically last month after announcing it was cutting its profit forecast going forward.

A set of retailers – L Brands Inc. and Neiman Marcus Group, Inc. – traded mixed on the day in the ever-declining traditional retail landscape. News surrounding the latter may have come into play.

Bombardier, Inc. was up on the session, a new deal from Post Holdings, Inc. was unchanged on the day and several other high-yield names traded tight on a session that brought more new issues into a busy primary market for the week.

© 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.