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Morning Commentary: Metals and mining outperform in sideways Monday market; TRAC brings deal
By Paul A. Harris
Portland, Ore., March 7 – High-yield bonds were basically unchanged heading at mid-morning on Monday, a New York-based trader said.
Likewise high-yield ETFs were “sideways” so far on the day, the source added.
The iShares iBoxx $ High Yield Corporate Bd (HYG) was off 2 cents, or 0.02%, at $80.85 per share heading into the mid-morning. SPDR Barclays High Yield Bond ETF (JNK), at $33.80, was down a penny, or 0.01%.
With iron ore prices up 18% on the day, bonds in the metals and mining sector were outperforming, the trader said.
The FMG Resources (August 2006) Pty. Ltd. (Fortescue Metals Group Ltd.) 6 7/8% senior notes due April 1, 2022 were at 82¾ bid on Monday morning. Those notes were at 76½ bid 77½ offered at Friday’s close, the source said.
The new GameStop Corp. 6¾% senior notes due March 15, 2021 (Ba1/BB+) were hovering around new issue price on Monday morning, trading either side of par.
The upsized $475 million issue priced at par on Friday.
TRAC Intermodal roadshow
In the primary market TRAC Intermodal LLC and TRAC Intermodal Corp. were scheduled to participate in a mid-morning investor conference call on Monday.
They plan to sell $485 million of second-lien notes due 2021.
The initial price guidance is in the 10% area, the trader said.
A roadshow is set to kick off on Tuesday.
The offer is expected to price at the end of the present week.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., ING, MUFG and Wells Fargo Securities LLC are the joint bookrunners.
The Princeton, N.J.-based intermodal equipment provider and chassis pool manager plans to use the proceeds to repay debt and fund a dividend.
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