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New-issue market cooks as Albertsons leads $3.5 billion day; funds plunge $2.4 billion
By Paul Deckelman and Paul A. Harris
New York, Aug. 4 – The high-yield primary sphere had its heaviest-volume session in nearly two months on Thursday as five issuers brought a total of $3.25 billion of new dollar-denominated and fully junk-rated paper to market in six tranches, syndicate sources said.
The big deal of the day was a quickly shopped and solidly upsized $1.25 billion of new 8.5-year notes from supermarket giant Albertsons Cos. LLC.
Also driving by was heavy equipment maker CNH Industrial NV, with $600 million of seven-year notes. Traders saw modest gains in that paper in sizable aftermarket dealings.
A trio of new deals priced off the forward calendar as regularly scheduled offerings.
Industrial components manufacturer SPX Flow Inc. priced $600 million of eight- and 10-year notes in equally sized $300 million tranches.
Beauty-products maker and marketer Avon Products, Inc. did an upsized $500 million of six-year secured notes. Traders quoted that new issue as having firmed smartly in the aftermarket.
And government contractor Engility Corp. actually downsized its offering of eight-year notes to $300 million.
Away from the new issues, oil and natural gas operators Chesapeake Energy Corp. and California Resources Corp. were both among the Most Active credits on the day following quarterly results, with each company touting its respective debt-cutting effort.
Statistical market performance measures were higher on Thursday after having been mixed for four consecutive sessions before that.
However flows of investor cash into or out of high-yield mutual funds and exchange-traded funds were sharply negative as $2.464 billion more left those funds than came into them during the week ended Wednesday.
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