Downsized Garda prices; new Sugarhouse busy but little changed; funds gain $291 million

By Paul Deckelman and Paul A. Harris

New York, April 27 – Garda World Security Corp. was heard by syndicate sources to have priced a downsized $500 million issue of eight-year notes during Thursday’s session. Traders did not immediately report any initial aftermarket activity in the Canadian business services company’s new deal.

But they saw considerable activity in the new Sugarhouse Casino eight-year secured notes which came to market on Wednesday. However, they said that the gaming company’s new paper did not budge far from its par issue price.

Away from the deals which have actually priced, primaryside sources were expecting oil and natural gas operator Covey Park Energy LLC’s eight-year notes to price on Friday.

The euro-denominated segment of the junk market meantime saw pricings Thursday from Senvion Holding GmbH and Travelex Financing plc.

Away from the new deals, United States Steel Corp. notes were in retreat for a second consecutive session Thursday after that company reported disappointing first-quarter earnings.

Statistical market performance measures were better on Thursday, their third upturn in the last four trading days.

Another numerical indicator – the flows of investor cash into or out of high-yield mutual funds and exchange-traded funds – turned modestly positive in the latest reporting week as $291 million more came into the weekly-reporting-only domestic funds than left them during the week ended Wednesday.

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