Carlson, Starwood price to close $9.6 billion week, new bonds up; Syniverse soars on swap offer

By Paul Deckelman and Paul A. Harris

New York, Dec. 9 – The high-yield market closed out its busiest new-issue week in nearly three months on Friday with a pair of regularly scheduled transactions off the forward calendar that generated $1.37 billion in new junk paper, capping a week that saw $9.6 billion of issuance.

Travel management company Carlson Wagonlit brought in a $1.01 billion equivalent three-part dollar- and euro- denominated deal that included $415 million of seven-year secured notes and $250 million of eight-year unsecured paper as well as a euro-denominated tranche of floating-rate notes.

Traders saw the new Carlson secured dollar issue solidly higher in busy dealings once it hit the aftermarket.

The day’s other deal was an upsized $700 million of eight-year notes from commercial property REIT Starwood Property Trust, Inc. Those bonds were also quoted higher as the day ended.

Away from the new and recently priced names, traders said that Syniverse Holdings Inc.’s 2019 bonds were sharply higher on active volume after the company began an offer to exchange most of those notes for new paper.

Statistical market performance measures were higher across the board on Friday after turning mixed on Thursday; there had been four straight sessions on the upside before that.

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