Barrett Xplore, Lower Mattagami Energy bring deals; Canadian Tire long bonds widen 5 bps

By Cristal Cody

Prospect News, May 12 - Two deals in the Canadian high-yield and high-grade markets kept the primary pace from a standstill, while the deal calendar is expected to fill in over the summer, informed bond sources said Thursday.

"The market is happy to have a period of quiet from the new issues so we can recharge our batteries and get ready for when the new issuance begins again, maybe after the June coupon payment," the source said.

One new deal is expected on Friday from Thompson Creek Metals Co. Inc. The company plans to sell $300 million senior notes due 2018 talked in the 7½% area, a source said.

Barrett Xplore Inc. brought the week's new high-yield deal with the sale of C$230 million of six-year senior secured notes and warrants at par. The notes were seen "trading 101, 102" on Thursday, a source said.

On Thursday, Lower Mattagami Energy LP priced C$475 million in two tranches of senior high-grade bonds at the tight end of guidance, one source said. Both tranches were bid about 2 basis points tighter in the secondary, a source said.

In other activity, Canadian Tire Corp., Ltd.'s long bonds have widened 5 bps on light trading activity since the company announced an acquisition on Monday, a source said.

Canadian government bonds fell, sending yields up about 2 bps.

© 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.