Tronox, KCG deals price, Monday deals trade actively, overall market lower

By Paul A. Harris and Paul Deckelman

New York, March 10 – Activity in the high-yield primary realm slowed a little on Tuesday, with syndicate sources seeing $1.1 billion of new dollar-denominated and fully junk-rated paper having priced in two tranches.

That was off from Monday, when a total of $1,475,000,000 of such bonds had come to market in three tranches.

Tronox Ltd. priced $600 million of seven-year paper, while KCG Holdings, Inc. did $500 million of five-year secured notes.

The latter notes priced at a discount and traded around their issue price in initial aftermarket dealings.

The Tronox bonds came later and saw no significant secondary market activity.

The secondary did see busy trading in the three new deals that had priced on Monday for Masonite International Corp., Crestwood Midstream Partners LP and HealthSouth Corp. All of them were up from their respective issue prices, though Masonite and Crestwood were off from where they had been seen on Monday.

The forward calendar grew, with Shea Homes LP and Cimpress NV heard to be shopping deals around to prospective investors.

Away from the new deals, the junk market generally was seen lower, and traders reported continued daily outflows from high-yield mutual and exchange-traded funds, a key barometer of overall Junkbondland liquidity trends.

Statistical market-performance measures were lower across the board for a third consecutive session and for a fifth time over the last six sessions.

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