Harland Clarke, Global Ship deals slate in quiet session, closing $961 million week

By Paul Deckelman and Paul A. Harris

New York, Oct 20 – The high-yield primary market saw a second consecutive session on Friday in which no dollar-denominated and fully junk-rated bonds had priced.

But syndicate sources said several upcoming new deals emerged on the radar screens.

Harland Clarke Holdings Corp., a San Antonio, Texas-based check printer and advertising services company, was heard by the sources to be readying a $500 million add-on to its existing 2022 senior secured notes.

And British containership charter company Global Ship Lease Inc. is expected to price a tranche of five-year-secured notes, possibly as early as Monday.

The lack of any new dollar deals pricing on either Thursday or Friday left the week’s tally of new paper at $961 million in four tranches, the lowest weekly total since early September, according to data compiled by Prospect News.

Traders saw last month’s big new issue from gaming giant Caesars Entertainment Corp., which has been rebounding all this week from recent lows, again on the upside.

For a second day, Canadian aircraft manufacturer Bombardier Inc.’s paper – which had firmed smartly earlier in the week on the news that Airbus will partner with Bombardier in developing the latter’s next generation of passenger jetliners – was seen having come off those hefty gains.

Statistical market performance measures were mixed on Friday, after having been higher across the board for three consecutive sessions.

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