Primary heats up with $1.4 billion day, new Concordia, Gulfport rise; funds gain $1.91 billion

By Paul Deckelman and Paul A. Harris

New York, Oct. 6 – The high-yield primary market turned things up a notch or two on Thursday, with four issuers pricing a total of $1.4 billion of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers during the session, syndicate sources said.

Two of the day’s four deals were opportunistically timed and quickly shopped drive-by transactions, while the other two were regularly scheduled deals coming off the forward calendar after being marketed to investors via roadshows.

The big deal of the day was oil and natural gas operator Gulfport Energy Corp.’s quick-to-market $650 million of eight-year notes.

Traders saw those new bonds moving up solidly when they were freed for secondary dealings.

Canadian pharmaceutical company Concordia International Corp. did a regularly scheduled offering of $350 million 5.5-year secured notes, which firmed smartly in the aftermarket.

Secondary traders meantime saw a fair amount of activity in Dynegy Inc.’s 8.25-year notes, which had priced on Wednesday.

Statistical market performance measures remained higher across the board on Thursday after having improved on Wednesday; they had been mixed on Monday and again on Tuesday. It was the third upside session for the indicators in the last five trading days.

Meanwhile, flows of investor cash into or out of high-yield mutual funds and exchange-traded funds stayed in positive territory this week, posting a $1.908 billion inflow.

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