Worldpay prices in junkland; Syneos gains continue; Medical Properties jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 20 – Worldpay’s offerings of junk bonds and loans were well-received with $20 billion equivalent of demand across both offerings, a source noted.

The bond deal priced on Wednesday, as scheduled, and final terms were still pending at press time.

The dollar-denominated bonds were noted as trading in the grey, at par ¾ to 101, by a source.

Meanwhile, it was a relatively flat day in the secondary space on Wednesday as the Federal Open Market Committee made their rate-hike announcement.

The market was slightly softer after the Fed held rates steady but penciled in an additional rate hike before the year draws to a close.

However, the bond market was stable compared to the selling in equities on the heels of the announcement as chair Jerome Powell’s press conference wielded few surprises, a source said.

While the broader secondary space was quiet as market players awaited clues about the Fed’s path forward, new issues remained in focus and continued to put in strong performances in the secondary space.

Syneos Health Inc.’s 9% senior secured notes due 2030 (B1/B/BB) continued to notch gains after a strong break.

Outside of new paper, Medical Properties Trust Inc.’s senior notes (Ba1/BB+) were once again in focus with the notes reversing a more than month-long downtrend to claim the title of largest gainer of the session.

© 2015 Prospect News.
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