Upsized MSCI prices to open month; SBA launches; calendar builds with Axalta deal on tap

By Paul Deckelman

New York, Aug. 1 – The high yield market opened the month of August on Monday with a burst of activity in the primary sphere.

At least one new dollar-denominated junk deal was definitively heard to have priced, as MSCI, Inc., a provider of research and analytical services to the financial community, came to market with an upsized $500 million of 10-year notes.

A second offering was being shopped around the market with an eye toward a possible Monday pricing – an eight-year deal from wireless antenna tower operator SBA Communications Corp. While traders saw that prospective transaction upsized to $1.1 billion and launched, pricing had not been seen by the end of the day.

A deal out of Europe was heard to have priced, – a €750 million tranche of 7.5-year notes from another communications tower operator, Spain’s Cellnex Telecom SA.

An $875 million equivalent dual-currency transaction, consisting of dollar- and euro-denominated eight-year notes from industrial coatings manufacturer Axalta Coating Systems Ltd., is meanwhile expected to price on Tuesday.

Looking a little further ahead, mortgage insurer MGIC Investment Corp. was heard by high yield syndicate sources to have begun a short roadshow for a planned $350 million issue of seven-year notes expected to price sometime around the middle of the week.

And beauty-care products company Avon Products, Inc. unveiled plans to sell $400 million of six-year paper as part of the financing for Avon’s separately announced tender offer for some existing bonds.

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