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GoDaddy, Hudbay, Coeur Mining price; Spectrum flat; Carnival rebound continues
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 22 – With some issuers having now cleared an earnings blackout that kept the new issue market generally quiet last week, news volume intensified on Monday, with four issuers appearing at the drive-through window.
They included GoDaddy Inc., which priced an $800 million issue of 3½% eight-year senior notes.
Hudbay Minerals Inc. priced a $600 million issue of 4½% five-year senior notes.
And in a drive-by deal heard to be playing to a substantial amount of reverse inquiry Coeur Mining priced an upsized $375 million issue (from $350 million) of 5 1/8% eight-year senior notes.
There was also a build up of the forward calendar.
TriNet Group, Inc. plans to price a $500 million offering of eight-year senior notes on Tuesday.
Meanwhile, the secondary space was soft on Monday as rising Treasuries continued to put pressure on risk assets.
The cash bond market was down an 1/8 to ¼ point with low-coupon junk bonds particularly sensitive to the rising Treasury yields, a source said.
Spectrum Brands Inc.’s 3 7/8% senior notes due 2031 (B2/B/BB) were a case-in-point with the notes falling flat in the aftermarket.
While the overall market was soft on Monday, Carnival Corp.’s 5¾% senior notes due 2027 (B2/B+) continued to bounce higher with the notes trading up to a 101-handle.
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