Sunoco, Schaeffler, GCI cap $9.2 billion week; new bonds trade busily, better on week

By Paul A. Harris and Paul Deckelman

New York, March 27 – The high-yield primary sphere saw a busy session on Friday, with $1.85 billion of junk-rated, dollar-denominated paper from domestic or industrialized-country issuers pricing.

Sunoco LP sold the big deal of the day, $800 million of eight-year notes. Schaeffler AG priced $600 million of eight-year notes, and GCI, Inc. came to market with $450 million of 10-year notes. All three were scheduled deals.

The latter two issues came to market earlier in the session and saw considerable secondary market activity. Traders said the new Sunoco bonds, in contrast, arrived too late in the session for any real aftermarket activity.

There was also busy trading in several recently priced offerings, including both tranches of the new bonds from Ally Financial Inc. that came to market earlier in the week, as well as last week’s big deal from Rite Aid Corp.

This week’s bond total came to almost twice the $4.78 billion of such bonds that had come to market in six tranches last week, ended March 20, according to data compiled by Prospect News.

Statistical market performance indicators were mixed for a fourth consecutive session versus where they had been the previous day.

But the indicators ended higher for the week versus last Friday’s levels, after having a mixed week last week and two weeks before that during which they had been lower across the board.

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