Upsized Sunoco drives by, struggles in secondary; WDC, T-Mobile busy, Southwestern off

By Paul Deckelman and Paul A. Harris

New York, April 4 – The high yield primary started the first full trading week in April off on Monday with an upsized $800 million offering of five-year notes from gasoline wholesaler and retailer Sunoco LP.

Traders saw those quick-to-market notes initially firm a little but then fall back from those peaks to slightly under their par issue price.

They also saw heavy, though mixed trading in the recent giant-sized two-part deal from computer hard-disk drive manufacturer Western Digital Corp.

Last week’s new deal from wireless provider T-Mobile USA Inc. was also busy, if slightly lower.

The new deal from broadband infrastructure provider Zayo Group LLC continued to firm, but on only modest volume.

Split-rated oil and natural gas operator Southwestern Energy Corp.’s notes retreated on the news that the company had borrowed $1.55 billion from its revolving credit facility.

Statistical market performance measures were mixed for a second straight session on Monday; they had turned mixed on Friday after having been higher across the board for two sessions in a row on Wednesday and Thursday; and having been lower all around for five straight sessions before that.

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