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Primary falls quiet as Equinix shops euro deal, recent deals trade flat; Cal Res slides
Paul Deckelman and Paul A. Harris
New York, Feb. 27 – Things were quiet in the high-yield market on Tuesday, with no new dollar-denominated and fully junk-rated transactions heard to have priced.
One factor helping to quiet the market was the ongoing J.P. Morgan annual high-yield and leveraged finance conference going on this week in Florida, with many investment decision-makers focused on that event.
About the only feature on an otherwise dull primaryside was data management services company Equinix Inc. marketing a euro-denominated six-year offering that’s expected to price on Wednesday; the Silicon Valley company’s deal is the latest in a growing series of domestic issuers eschewing the dollar-denominated market in favor of better terms available with euro-denominated paper.
Traders meantime did not see much activity, either volume-wise or in terms of price movements, in recent new issues, which were seen mostly trading around the respective levels at which they had priced.
However, Sprint Corp.’s recent eight-year notes were seen a little higher, a trader said.
Away from the new deals, California Resources Corp.’s energy-sector benchmark issue was seen to have slid more than 2 points, against a backdrop of a sizable downturn in crude prices, the first after several strong upside sessions.
Intelsat SA’s paper firmed smartly after FCC chairman Ajit Pai made comments about changes to the country’s 5G network, seen as a positive for companies like the communications satellite company.t changes to the country’s 5G network, seen as a positive for companies like the communications satellite company.
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