Restructured, upsized Tribune megadeal prices; new Radian notes trade actively; Bombardier off

By Paul Deckelman

New York, June 17 – The high-yield primary sphere saw its first megadeal-sized offering in almost two weeks on Wednesday, as Tribune Media Co. was heard by syndicate sources to have brought an upsized and restructured $1.1 billion seven-year note issue to market.

The new Tribune Media deal came to market too late in the session for any kind of real aftermarket dealings, traders said.

They meantime saw considerable activity in the new five-year notes that Radian Group Inc. had priced on Tuesday. Those bonds were seen having mostly stayed around their par issue price.

Out of Europe came news that France-based Worldwide Flight Services Inc. is shopping a €225 million issue of seven-year notes.

Back in the dollar arena, traders said that what was considered to be a mildly dovish statement coming out of the Federal Reserve’s two-day policy meeting, holding interest rates steady at zero for now, helped give a little bit of a bid to the market after some early hesitation.

Harland Clarke Holdings Corp.’s bonds firmed smartly in busy dealings.

However, Bombardier Inc.’s notes lost altitude as its efforts to sell its newest model at the Paris Air Show hit some turbulence.

Statistical indicators of junk market performance were mixed for a second straight session on Wednesday; they had turned mixed on Tuesday after having been lower across the board for two consecutive sessions before that.

© 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.