New Home, Fortress price to cap $17.54 billion week, biggest of all time, recent deals busy

By Paul Deckelman and Paul A. Harris

New York, March 10 – The high-yield primary market topped off an amazing week on a relatively quiet note on Friday, pricing a pair of $250 million regularly scheduled forward calendar offerings – from builder New Home Co. and from Fortress Transportation and Infrastructure LLC, transportation equipment and infrastructure. Both issues priced at a discount.

The day’s two deals capped off a week in which $17.54 billion of new junk bonds came to market in 26 tranches – the heaviest ever week for junk bond new issuance.

Traders meantime saw considerable aftermarket activity in some of the many large issues which had priced earlier in the week, including credits such as Valeant Pharmaceuticals International, Inc., Charter Communications, Inc. and American Axle & Manufacturing Inc.

Most of the new issues traded around their par issue price but Valeant and New Enterprise Stone & Lime Co. Inc. were notable exceptions, both firming smartly after pricing at par.

Statistical market performance measures turned mixed on Friday after being lower across the board for four consecutive sessions before that. They had turned southward on Monday and continued to move lower on Tuesday, Wednesday and again on Thursday.

The indicators were lower all around versus where they had finished last Friday, their first lower week after three higher weeks.

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