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Caleres prices sole dollar deal, SoftBank on tap; oil, coal credits mixed, Chesapeake slides
By Paul Deckelman and Paul A. Harris
New York, July 21 – The high-yield primary market saw one relatively modest-sized offering get done on Tuesday as Caleres Inc. – the footwear maker formerly known as Brown Shoe Co. Inc. – priced a regularly scheduled $200 million eight-year deal.
Traders did not report any immediate aftermarket dealings in the new notes.
Tuesday’s issuance, while small, still topped Monday, when no new dollar-denominated and fully junk-rated paper had come to market from domestic or industrialized-country issuers.
But Wednesday is expected to produce a sizable dollar-denominated pricing, with Japanese telecommunications company SoftBank Group Corp. scheduled to bring a benchmark-sized offering of dollar- and euro-denominated paper to market in five separate tranches, although all the notes will be sold under Regulation S.
Among recently priced issues, both halves of oil and natural gas operator WPX Energy Inc.’s $1 billion deal continued to fall back from the moderate gains they had notched in initial trading after those bonds had priced on Friday.
Away from new or recently priced credits, traders said that coal and oil and gas names, recently under pressure, were a mixed bag on Tuesday.
On the downside, Chesapeake Energy Corp.’s paper was lower after the oil and gas firm announced that it would not be paying its next quarterly dividend, instead preferring to conserve cash; debt investors were said to be flummoxed by the company’s lower-than-expected cash levels.
Statistical measures of junk market performance were lower across the board for a third consecutive session on Tuesday.
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