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Junk seen firmer Tuesday morning; recent deals slightly above issue
By Paul A. Harris
Portland, Ore., Aug. 20 - The prices of cash bonds were a little stronger on Tuesday morning, and the CDX HY 20 index of high yield credit default swaps was ½ point higher on the morning, according to a trader.
Recent deals tended to be holding slightly above their issue prices.
Among offerings priced last week, ACI Worldwide, Inc. continued to be an outperformer.
The 6 3/8% senior notes due August 2020 (B2/BB-) were trading at 101¾ bid, 102¼ offered, unchanged from Monday afternoon but well above the issue price. The $300 million deal came at par last Thursday.
Foresight Energy LLC/Foresight Energy Finance Corp.'s 7 7/8% senior notes due August 2021 (Caa1/CCC+/) were also trading slightly above their issue price on Tuesday, at 99½ bid, 99¾ offered.
The $600 million deal priced at 99.276 to yield 8% last Friday.
T-Mobile USA Inc.'s 5¼% senior notes due September 2018 (Ba3/BB) were at 100½ bid, 101 offered.
The $500 million issue came at par last Wednesday.
And NuStar Logistics, LP's 6¾% senior notes due February 2021 (Ba1/BB+/BB) were at 100¼ bid, 100¾ offered, off recent highs of 100½ bid, 101 offered, but above the issue price. The $300 million deal came at par last Wednesday.
All was quiet in the primary market on Tuesday morning.
However there was a buzz in the market that the US Xpress Enterprises Inc. bond deal, which roadshowed in late July and has been sidelined since, could be revived, likely in September.
The $250 million offering of seven-year senior secured second-lien notes (Caa1/B-) was talked at 9½% to 9¾% on July 30, before the deal went radio silent.
Wells Fargo Securities LLC is the left bookrunner. Morgan Stanley & Co. LLC is the joint bookrunner.
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