Dun & Bradstreet, Energizer on tap; Targa up; PG&E mixed; energy rally ends; Bausch down

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 11 – The high-yield primary market is poised to return to action with new paper from Targa Resources Partners LP and Targa Resources Finance Corp. topping expectations.

After radio silence for nearly six weeks a calendar of new deal activity is starting to form.

Dun & Bradstreet Corp. is expected to bring $850 million of senior notes and Energizer Holdings Inc. is expected to bring $600 million of senior notes in late January or early February, or both.

Meanwhile, after a strong week, the secondary space was backing off its gains on Friday.

The energy sector was leading the space lower with crude oil futures declining for the first time in nine sessions.

However, new paper from Targa Resources was untouched by the downward trend with both tranches trading sharply higher in high-volume activity.

After a strong rally earlier in the week, California Resources Corp.’s 8% senior notes due 2022 continued to give back those gains during Friday’s session.

Pacific Gas & Electric Co.’s senior notes continued to see active trading accounting for at least $500 million of the $4 billion on the tape by the late afternoon.

The capital structure remained mixed with some issues continuing to decline while others continued to gain.

After posting gains earlier in the week, Bausch Health Cos. Inc.’s 6 1/8% senior notes due 2025 were losing ground in high-volume activity on Friday.

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