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Constellation prices $800 million two-parter; Nova Chemicals busy, holds gains; market firm
By Paul Deckelman and Paul A. Harris
New York, Oct. 20 – The high-yield market was seen firmer all around on Monday, building on the hefty gains notched on Thursday and – especially – Friday.
Primaryside activity, which had temporarily stalled out earlier last week amid continued unsettled conditions before re-starting with Friday’s deal from Nova Chemicals Corp., kept its momentum going on Monday with a quickly shopped $800 million two-part offering from beer, wine and spirits importer and producer Constellation Brands, Inc. That new deal saw little aftermarket activity.
Nova Chemicals’ 10.5-year drive-by issue, meantime, was the focus of heavy trading, with the bonds seen having improved upon the solid gains notched during Friday’s initial aftermarket trading.
New deal name Dynegy Corp. was also busy – and better – on Monday. The power-generation company’s bonds too had firmed smartly on Friday, also in heavy trading, and extended those gains on Monday.
Apart from those issues that have already priced, primaryside players were anticipating a sizable dollar-denominated transaction on Tuesday from German industrial bearing manufacturer Schaeffler AG, which is bringing €1.2 billion equivalent of euro- and dollar-denominated paper to market via a financing subsidiary. The dollar portion of the three-part deal includes tranches of five- and eight-year notes, with tranche sizes to be set before pricing.
Away from the new deal arena, traders reported solid gains in Peabody Energy Corp.’s bonds.
Statistical indicators of junk market performance improved across the board for a third consecutive session.
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