| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Service King Collision Repair Centers > News item |
XPO, Service King drive by, XPO gains; Community Health, Valeant lower; funds add $1.655 billion
By Paul Deckelman and Paul A. Harris
New York, Aug. 11 – After a one-day hiatus, new issuance resumed in the high-yield market on Thursday, syndicate sources said.
A pair of issuers brought more than $600 million of new dollar-denominated and fully junk-rated paper to market via a pair of quickly shopped transactions.
Supply-chain solutions provider XPO Logistics, Inc. priced $535 million of seven-year notes.
Traders said those bonds moved up once they hit the aftermarket.
There was also a smallish $75 million add-on offering from Service King Collision Repair Centers to its existing 2022 notes.
In the secondary market, traders reported a fall-off in volume in some of the recently priced offerings, including the previously busy Builders FirstSource Inc. and MGM Growth Properties LLC paper.
Away from the new deals, the traders saw Community Health Systems Inc.’s bonds down across the hospital operator’s capital structure in active trading.
And they saw Valeant Pharmaceuticals International, Inc.’s bonds – which had run up earlier in the week – fall on Thursday in response to potential new legal troubles.
Statistical market performance measures were mixed for a second straight session on Thursday.
However, another numerical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds, which are considered a reliable barometer of overall junk market liquidity trends – was back on the upside this week, posting its first net inflow after two straight weeks of net outflows as $1.655 billion more came into those weekly-reporting-only domestic funds than left them.
© 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.