Quiet primary ends week with no dollar pricings; recent deals firmer; Wynn up on China’s Macau move

By Paul Deckelman and Paul A. Harris

New York, Oct. 2 – The high-yield primary market remained quiet on Friday, closing out the week with no new U.S. dollar-denominated, fully junk-rated deals from domestic or industrialized-country borrowers having been priced.

That goose-egg was in sharp contrast with the previous week, ended Sept. 25, when $14.79 billion of such paper had gotten done in 13 tranches, according to data compiled by Prospect News.

One offering did get priced during the session – a sterling-denominated secured add-on deal from Stonegate Pub Co. Financing plc, a British operator of a chain of drinking establishments.

Traders meantime reported continued secondary market strengthening in recently priced new issues from such companies as Cablevision Systems Corp. and Frontier Communications Corp., both of which had retreated earlier in the week.

Wynn Resorts Ltd.’s bonds and shares both gained in busy dealings Friday on news reports that China’s government plans steps to support the recently struggling gaming industry in Macau, where Wynn has a large casino resort.

Statistical measures of junk market performance were mixed for a second consecutive session on Friday; they had turned mixed on Thursday, after having firmed across the board on Wednesday to break out of a five-session losing streak.

© 2015 Prospect News.
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