Upsized GFL add-on drives by; new Virgin Media, Pinnacle active; energy names keep firming

By Paul Deckelman and Paul A. Harris

New York, April 13 – The high-yield primary market dialed back its activity levels a little on Wednesday, pricing just one smallish offering after two consecutive sessions and four sessions out of the last five topping the $1 billion mark daily.

Canadian solid and liquid waste management company GFL Environmental Inc. priced an upsized and quickly shopped $200 million add-on to its existing 2021 bonds.

Traders did not immediately report any aftermarket activity in the new issue.

However, they did see considerable trading in Tuesday’s new issues from gaming operator Pinnacle Entertainment, Inc. and telecommunications and broadband service provider Virgin Media Inc. The Virgin bonds were seen to have added to the 1-point gains they saw after pricing on Tuesday, while the PNK notes stayed right around their issue price.

There was also considerable trading activity, mostly to the upside, among such recently priced names as Numericable-SFR SA, Western Digital Corp. and Gaming & Leisure Properties, Inc.

Away from the new deals, oil and natural gas names such as Whiting Petroleum Corp., Chesapeake Energy Corp. and California Resources Corp. remained on a tear, up by multiple points in busy trading for yet another session despite a downturn in world crude oil prices.

Statistical market performance measures were higher across the board for a fourth straight session on Wednesday, their fifth rise in the last six trading days.

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