| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Y > Headlines for York Risk Services Holdings Corp. > News item |
Morning Commentary: CBS Outdoor bonds trade above issue prices, CDX up ¾ point as market eyes FOMC
By Paul A. Harris
Portland, Ore., Sept. 17 – High yield opened firm on Wednesday, with the CDX up ¾ of a point, according to a trader on the East Coast of the United States.
“Everything is better bid,” said the trader, who added that volumes are low as investors await the 2 p.m. ET release of minutes from the Fed’s Federal Open Market Committee meeting.
“It should be a somewhat slow day up until then,” the trader added.
CBS Outdoor seen higher
Bonds in both tranches of a deal priced Tuesday by CBS Outdoor Americas Inc. were higher on Wednesday morning, the trader said.
The add-on to the CBS Outdoor Americas Capital LLC and CBS Outdoor Americas Capital Corp. 5¼% senior notes due Feb. 15, 2022 (B1/BB-) was at 99¾ bid, par offered on Wednesday morning. The notes came at 99.5 in an upsized $150 million tranche, increased from $100 million.
Meanwhile the new 5 7/8% notes due March 15, 2025 (also B1/BB-) were par ½ bid, par ¾ offered on Wednesday morning. The notes priced at par on Tuesday in a $450 million tranche.
Three deals on deck
Meanwhile in the primary market price talk surfaced Wednesday morning on a trio of deals set to price by the session’s close.
Aecom Technology Corp. set price talk in its $1.6 billion two-part offering of senior notes (Ba3/BB-).
Notes maturing in 2022, which come with three years of call protection and feature a three-year 35% equity clawback, are talked to yield in the 5 7/8% area.
Non-callable notes maturing in 2024 are talked in the 6% area.
Tranche sizes remain to be determined.
Books close at 2 p.m. ET.
York Risk Services Holdings Corp. talked a $270 million offering of eight-year senior notes (expected ratings Caa2/CCC+) to yield 8¼% to 8½%.
Books close at 1 p.m. ET.
And JAC Products talked a $140 million offering of five-year senior secured notes (B3/B) to yield in the 11½% area.
Books close at 12:30 p.m. ET.
© 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.