Junk trades sideways in mixed Thursday trading; MDC plans $800 million

By Paul A. Harris

Portland, Ore., March 17 – St. Patrick’s Day morning saw high-yield bonds moving sideways in mixed trading, a trader said.

High-yield ETF share prices were higher at mid-morning in New York. The iShares iBoxx $ High Yield Corporate Bd (HYG) was up 27 cents (0.33%) at $81.96 per share. The SPDR Barclays High Yield Bond ETF (JNK), at $34.35 per share, was up 8 cents, or 0.25%.

Activity in the new issue market was muted, with just one issuer stepping forward.

MDC Partners Inc. is initially guiding its $800 million offering of eight-year senior notes (expected ratings B3/B+) at 6½%, a trader said.

An investor call was scheduled to take place late Thursday morning.

The deal, initially expected to price on Friday could clear by Thursday’s close, sources say.

J.P. Morgan and Wells Fargo are the joint bookrunners for the debt refinancing deal.

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