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Giant Sprint deal prices, bonds move up; Diamondback, Enviva also price; funds lose $160 million
By Paul Deckelman and Paul A. Harris
New York, Oct. 21 – The high-yield primary market saw a pair of deals totaling $800 million price on Thursday – but those transactions were overshadowed by an eagerly awaited $3.5 billion offering of five-year secured paper from subsidiaries of wireless service provider Sprint Corp., a week after word of the giant-sized offering first hit the market.
Although the issue is nominally investment-grade rated, it was priced jointly off the junk, investment-grade and structured products desks of the underwriting banks, and traders saw considerable junk activity in the new credit, boosting the notes firmly when they hit the aftermarket.
Elsewhere in Junkbondland, oil and natural gas operator Diamondback Energy, Inc. did a quick-to-market $500 million of eight-year paper, which was seen trading solidly higher on heavy volume, topping the day’s Most Actives list
Enviva Partners, LP, a producer of wood pellets, rounded out the day’s new-deal activity by pricing $300 million of five-year notes.
Away from the primary realm, traders said that CF Industries, Inc.’s bonds were attracting more junk investor interest after two out of the three major ratings agencies dropped their ratings on that paper to junk in recent days.
Statistical market performance measures turned mixed on Thursday following two sessions when they were higher across the board on Tuesday and Wednesday.
Another numerical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds – stayed in negative territory for a second week as $160.056 million left those weekly-reporting-only domestic funds during the week ended Wednesday.
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