Primary quiet; Radian shops deal, with pricing Tuesday; recent deals steady; market softer

By Paul Deckelman

New York, June 15 – The week got off to a quiet start Monday in Junkbondland, with a stock market downturn that kept many investors hugging the sidelines.

Primary activity was muted, with only one real piece of news: Radian Group Inc. began shopping a $300 million five-year offering around to potential buyers via a short roadshow. Pricing on the deal is expected on Tuesday.

The deals that were already on the road being marketed, such as Tribune Media Co., Eclipse Resources Corp. and Georgia Renewable Power, Inc., remained there, but were not expected to imminently come to market.

Traders saw some of the recently priced new issues, such as ATS Automation Tooling Systems, Inc., Alere, Inc., Sealed Air Corp. and Carmike Cinemas, Inc., mostly continuing to hold the gains they notched in trading towards the end of last week, in the face of a generally softer market Monday, but with little real volume seen.

Bonds of Standard Pacific Corp. and Ryland Group, Inc. were quoted higher on the news the two homebuilders will merge to form the fourth-largest home-building company in the United States – but on little real trading volume, traders said.

Statistical indicators of junk market performance were lower across the board for a second consecutive session on Monday; they had turned downward on Friday after having been higher all around on Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.