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Sensata drives by post-holiday; California Resources off, Roundy’s climbs; funds lose $1.8 billon
By Paul Deckelman and Paul A. Harris
New York, Nov. 12 – It was back to work on Thursday in Junkbondland following the unusual mid-week holiday break seen Wednesday in observance of Veterans Day.
One deal priced during the session – Dutch industrial technology company Sensata Technologies Holding NV’s quickly shopped $750 million offering of 10.25-year notes, according to syndicate sources. Traders reported no initial aftermarket activity in the new issue.
Away from the new-deal realm, California Resources Corp.’s bonds fell in active trading after the oil and natural gas exploration and production company announced plans for a debt exchange at a discount.
Even without the exchange offer, those California Resources bonds would have likely finished lower on Thursday in line with falling crude oil prices, which declined to their lowest levels since late August after a considerably larger than expected rise in U.S. oil stockpiles last week.
The unexpectedly large gain – more than four times what analysts were expecting – dragged such California Resources sector peers as Chesapeake Energy Corp. lower in active dealings.
On the upside, Roundy’s Inc.’s bonds traded actively, and at considerably higher levels than previously, on Wednesday’s announcement that supermarket giant Kroger Co. will acquire the regional grocery chain operator for $178 million in cash, plus assumption of $646 million of debt.
Statistical measures of junk market performance remained lower across the board.
Another numerical gauge – flows of investor cash into or out of high-yield mutual and exchange-traded funds, considered a key barometer of overall junk market liquidity trends – turned negative in the latest reporting week, with $1.8 billion of net outflows.
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