Market softer on post-holiday return; Greatbatch hits road; Dell busy on EMC financing news

By Paul Deckelman and Paul A. Harris

New York, Oct. 13 – The high-yield market reopened on Tuesday following the Columbus Day holiday break, and traders said that the tone was softer throughout.

Issues were generally seen off ¼ to ½ point on the session.

The primary market was quiet, with no new deals either priced or even announced.

The only bit of real news coming out of the new-deal arena involved Greatbatch Ltd., with syndicate sources reporting that its planned $360 million bond offering would be marketed to potential investors via a roadshow that was scheduled to start on Wednesday.

It joins one other high-yield offering currently on the road, a £795 million two-part deal for Lowell Group, whose proposed new issue is expected to come to market later this week.

In the secondary realm, the new eight-year notes from Scotts Miracle-Gro Co. were seen bucking the generally negative trend and hanging on to the solid aftermarket gains the company’s deal notched after it priced a week ago, although Tuesday volumes were pretty low.

Dell Inc.’s bonds were seen mixed in active trading as details emerged on how it will finance its $67 billion acquisition of sector peer EMC Corp.

Statistical measures of junk market performance were mixed for a second straight session on Tuesday; they had turned mixed on Friday after having been higher across the board on Wednesday and Thursday.

© 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.