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Tesoro Logistics prices; recent deals come off highs; B/E Aerospace climbs post-earnings
By Paul Deckelman and Paul A. Harris
New York, Oct. 22 – The high-yield market cooled off a little bit on Wednesday from its previously torrid pace.
Syndicate sources said that $1.3 billion of new bonds came to market in one deal, Tesoro Logistics LP’s two-part offering consisting of five-year and eight-year notes.
Traders saw no immediate aftermarket activity in the bonds.
The $1.3 billion was down from Tuesday’s total of $1.95 billion of new dollar-denominated, junk-rated paper, which priced in four tranches.
Traders saw brisk activity in Tuesday’s new-issue names such as Schaeffler AG and IHS Inc., with the latter credit seen as the busiest in Junkbondland. Those bonds came off from the highs they had hit in their initial aftermarket dealings, although they remained well above their respective issue prices.
That was also the case with other recent deals, including those from Constellation Brands, Inc. and from Nova Chemicals Corp.
Away from the new deals, traders said the secondary market seemed mostly firm, although some names did come in from their recent peak levels.
Among specific issuers, B/E Aerospace Inc.’s eight-year bonds gained altitude in active trading after the company reported improved third-quarter earnings versus a year ago that topped analysts’ expectations and announced its intention to refinance its current debt as part of the upcoming spin-off of some of its operations.
Statistical indicators of junk market performance turned mixed on Wednesday.
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