Upsized MDC prices to cap $2.57 billion week, moves up; oil names gain; busy Valeant fades

By Paul Deckelman and Paul A. Harris

New York, March 18 – The high-yield primary sphere saw its biggest pricing of the week on Friday as marketing and communications company MDC Partners Inc. brought an upsized $900 million issue of eight-year notes to market, a day after the offering was first announced.

When the new issue hit the aftermarket, traders saw the notes firming smartly, scoring gains of more than 1 point.

The MDC deal closed out a week which saw some $2.57 billion of new dollar-denominated and fully junk-rated paper come to market in six tranches, down from the $3.21 billion which gotten done in five tranches last week, ended March 11, according to data compiled by Prospect News.

Away from the new deals, traders saw energy names with a good bid, led by Whiting Petroleum Corp., whose bonds rose 10 points on the day, helped by the news that the company had reached agreement with some of its bondholders on an exchange of new convertible notes for their existing bonds.

Valeant Pharmaceuticals International Inc.’s bonds were once again among the busiest junk credits on the day, but were seen falling back after showing early strength.

Statistical market performance measures turned mixed on Friday after having been higher across the board on Thursday. It was their second mixed session in the last three trading days.

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