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Resized inVentiv prices, along with Mohegan, Crescent; new bonds busy; funds gain over $2 billion
By Paul Deckelman and Paul A. Harris
New York, Sept. 29 – The high-yield primary sphere got back in gear on Thursday, with its first multiple-deal day since last Friday.
Syndicate sources saw $1.57 billion of new dollar-denominated and fully junk-rated paper come to market in three tranches.
inVentiv Health, Inc., a provider of services to the healthcare industry, priced $675 million of eight-year notes in a regularly scheduled forward calendar offering that was first downsized and then slightly upsized before it finally appeared.
Casino operator Mohegan Tribal Gaming Authority did $500 million of eight-year notes off the calendar, while real estate developer Crescent Communities, LLC priced $400 million of five-year secured paper, another scheduled deal.
Traders saw considerable activity in the new Crescent and Mohegan bonds, registering modest gains from their respective issue prices.
They also quoted inVentiv’s deal higher, though on less volume.
Away from the new deals, oil and gas names like Chesapeake Energy Corp. and California Resources Corp. continued to ride the upside momentum of strengthening world crude oil prices.
Statistical market performance measures turned mixed on Thursday after having been higher across the board on Wednesday, after having been mixed over the previous three sessions.. It thus was the indicators’ fourth mixed session in the last five trading days.
Flows of investor cash into or out of high-yield mutual funds and exchange-traded funds moved back into positive territory this week, posting a $2.011 billion net inflow after two consecutive outflows.
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