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Hunt Cos. caps $5.2 billion week, gains in busy trading; Staples, Bombardier surge
By Paul Deckelman and Paul A. Harris
New York, Jan. 26 – The high-yield primary market completed a slower week on Friday, with pricing activity down from the more active pace seen over the previous two weeks.
One new issue did price, as Hunt Cos., Inc. brought an upsized $600 million of eight-year secured notes to market.
Traders said that the new issue moved up when it hit the aftermarket, in very active trading.
The day’s sole deal topped off a week in which $5.18 billion of new dollar-denominated and fully junk-rated paper priced.
There was also a considerable amount of activity for a second straight session in the new issue from Waste Pro USA, Inc. The bonds eased marginally from the strong levels they had posted on Thursday, but still held onto to most of their gains.
Away from the new, recent or upcoming deals, traders saw Staples Inc.’s paper up smartly in heavy trading, even as the office products retailer announced a shuffle in its top management.
Bombardier Inc.’s bonds moved skyward after the Canadian aircraft manufacturer unexpectedly won an unfair trade practices case that pitted it against U.S. rival Boeing and the U.S. Commerce Department.
Statistical market performance measures turned mixed on Friday after having been higher across the board on Thursday.
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