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Post-holiday market quiet; Perstorp four-parter on tap; market retreats as Treasuries dive
By Paul Deckelman and Paul A. Harris
New York, Nov. 14 – It was back to work for the high yield market on Monday, following Friday’s market close in observance of Veterans Day, although not much seemed to be happening, at least on the surface.
Just as had been the case on Thursday, no pricings of new U.S. dollar-denominated, fully junk-rated paper from domestic or industrialized-country issuers were seen to have taken place during the session.
However, syndicate sources said that things were bubbling just under the surface.
Price talk and tranche sizes emerged on Swedish specialty chemicals company Perstorp AB’s $1.2 billion equivalent four-part offering, which will include dollar-denominated tranches of fixed-rate first- and second-lien notes as well as euro-denominated first-lien fixed- and floating-rate tranches. That deal is expected to price early on Tuesday.
Also expected Tuesday is healthcare cost management solutions company MultiPlan Inc.’s scheduled $460 million add-on to its existing 2024 notes.
Several junk issuers were heard to have hit the road to market new deals, including upcoming Xerox Corp. spinoff Conduent Inc.’s $750 million of eight-year notes, high-tech firm Genesys Telecommunications Laboratories, Inc.’s $700 million of eight-year notes and timeshare provider Hilton Grand Vacations Inc.’s $300 million of eight-year notes.
Away from the new deals, traders saw the overall junk market lower, in line with a slide in Treasury issues sparked by inflation fears generated by the incoming U.S. Trump administration’s ambitious spending plans and expectations that the Federal Reserve will boost interest rates next month.
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