Downsized Virtu deal caps $2 billion primary week, trades up busily in aftermarket

By Paul Deckelman and Paul A. Harris

New York, June 2 – The high-yield primary sphere closed out a considerably more relaxed week on Friday with one dollar-denominated and fully junk-rated pricing getting done, as Virtu Financial Inc., an electronic trading firm and market maker on numerous exchanges and digital marketplaces in equities, fixed income, currencies and commodities, priced a downsized $500 million of five-year secured notes.

Traders said that the new notes firmed smartly in very active dealings when they hit the aftermarket.

The Virtu transaction capped a holiday-shortened week in the new-deal arena which saw only $2 billion of new dollar-denominated junk bonds price in three tranches.

For a second day in a row, Wednesday’s new issue of five-year secured notes from car-rental giant Hertz Corp. was the most actively traded credit in Junkbondland, traders said, noting that the new deal stayed modestly above its issue price.

Away from the names which have already priced, primaryside players were looking for a busy week ahead, with a trio of international issuers planning dollar-denominated new deals – Britain’s KIRS Group, Canada’s Taseko Mines Ltd. and Australia’s Pilbara Minerals – while domestic issuer Superior Industries International, Inc. was heard getting ready to price a euro-denominated offering.

Statistical market performance measures were higher across the board for a second consecutive session on Friday after four mixed sessions.

© 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.