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StandardAero prices at discount, rises, new SS&C issue gains; approaching holiday quiets market
By Paul A. Harris and Paul Deckelman
New York, June 30 – The high-yield primary market closed out the month of June, the second quarter and the first half of the year on a relatively quiet note, with just one deal pricing during the session – aircraft engine repair and maintenance company StandardAero’s $485 million issue of eight-year notes. After that regularly scheduled forward-calendar deal priced at a discount to par traders saw the new bonds up a little in initial aftermarket dealings.
StandardAero’s offering – priced via indirect corporate parent DAE Aviation Holdings, Inc. – brought the month’s tally of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country issuers up to $21.05 billion in 41 tranches, according to data compiled by Prospect News.
Monday’s issue of eight-year notes from software company SS&C Technologies Holdings Inc. was seen having firmed smartly in busy trading on Tuesday.
But overall, traders said the market tended to be on the quiet side, with not much focus. They said the combination of financial market nervousness over the worsening Greek debt situation – the nation failed to make a scheduled €1.6 billion payment to the International Monetary Fund – along with the approaching three-day Independence Day holiday break in the United States starting on Friday kept many market participants hugging the sidelines.
Statistical market-performance measures turned mixed on Tuesday after having been lower across the board for three consecutive sessions and for a fourth session in the last five on Monday.
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