Hess, Match, Five Point, Welltec cap $8.36 billion week; energy rise continues

By Paul Deckelman and Paul A. Harris

New York, Nov. 17 – The high-yield primary market finished off a rousing week Friday with four new deals worth more than $2 billion.

Two of the deals came out of the revived energy sector.

High-yield syndicate sources said that Hess Infrastructure Partners LP, a midstream crude oil and natural gas infrastructure company, priced $800 million of 8.25-year notes.

And Danish oilfield services company Welltec A/S did a $340 million five-year secured offering.

Away from energy came a pair of $450 million deals – an eight-year issue from real estate developer Five Point Operating Co., LP and a 10-year offering from Match Group, an operator of online dating services.

The day’s deals brought the amount of new dollar-denominated and fully junk-rated paper that priced this week to $8.36 billion in 14 tranches.

Traders said that the Hess and Match Group issues were among the most actively traded Junkbondland credits and said that Hess and Five Point both firmed smartly when they hit the aftermarket.

Away from the new or recent deals, energy credits such as California Resources Corp. and EP Energy Corp. continued to rise against a backdrop of a big gain Friday in world crude oil prices.

Statistical market performance measures turned mixed on Friday, after moving higher across the board on Thursday for the first time since Oct. 19, breaking a streak of seven consecutive losses.

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