Numericable leads $8 billion primary, heaviest in a year; Ally, Springleaf, MGM also price

By Paul Deckelman and Paul A. Harris

New York, April 6 – The high-yield market had its heaviest-volume day in more than a year on Wednesday. Over $8 billion of new dollar-denominated, fully junk-rated bonds from domestic or industrialized-country borrowers came clattering down the chute.

Traders saw some of those new issues having moved up in initial aftermarket dealings.

The big deal of the day was Numericable SFR SA’s $5.19 billion of 10-year secured notes. When the new notes hit the secondary market, traders saw them move up from their issue price and said it was the busiest junk bond of the day.

Subsidiaries of MGM Resorts International brought a $1.05 billion offering of eight-year notes to market, which were seen by traders to have firmed smartly when they moved into the secondary realm, and Springleaf Finance Corp. priced $1 billion of 4.75-year paper.

Ally Financial Inc. rounded out the day’s primaryside activity with $900 million of new notes split into two parts – a tranche of new five-year securities and an add-on to its existing 2025 bonds.

The day’s tally of new junk bonds was not only easily the biggest seen so far this year but also the most going back to March of last year.

Traders also saw brisk activity in Monday’s offering of five-year notes from gasoline marketer Sunoco LP and Tuesday’s eight-year transaction from ATM manufacturer Diebold Inc.

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