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Week ends quietly in primary sphere, market has better tone; new Charter bonds busy
By Paul Deckelman
New York, July 10 – The week ended in Junkbondland on Friday pretty much the way it had begun – quietly, with no new deals seen having been announced or priced during the session.
In fact, no new dollar-denominated and junk rated deals had come to market the whole week – the first full trading week this year which has not seen the pricing of at least one such deal from a domestic or industrialized-country borrower, according to data compiled by Prospect News.
Traders attributed the recent lack of any new issues to the chilling effect that the ongoing debt turmoil in Greece and financial market problems in China has had, suggesting that borrowers may want to stay on the sidelines until all of the bad vibes, and their impact upon equities and other financial instruments, has passed.
Among specific credits, the split-rated notes that Charter Communications Inc. priced on Thursday in a massive six-part offering, with tenors ranging from five-years out to 40 years, were the easily the busiest movers of the day, with all of the tranches seen having tightened by several basis points from the levels at which they had priced on Thursday. Noting the bonds’ split rating, traders said that most of the aftermarket activity in those new bonds came from investment-grade players reaching down to the fringes of the junk market in an effort to pick up some yield.
Back among the purely junk names, energy credits such as Comstock Resources Inc., California Resources Corp. and Linn Energy LLC were among the most active issues, as were the bonds of iron-ore miner FMG Resources.
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