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Upsized Weatherford two-part deal closes out $14.2 billion week, year’s busiest so far
By Paul Deckelman and Paul A. Harris
New York, June 10 – The high-yield primary market saw one deal price on Friday – bringing to a close what is, so far, the heaviest week for new issuance seen in Junkbondland this year.
Oilfield services operator Weatherford International Ltd. came to market with a twice-upsized $1.5 billion two-part offering of five- and seven-year notes.
That regularly scheduled forward calendar offering raised the week’s total of new dollar-denominated and fully junk-rated new paper from domestic or industrialized-country borrowers to $14.21 billion in 17 tranches, according to data compiled by Prospect News.
That not only was nearly five times the $3.08 billion that got done in four tranches last week it also surpassed the $11.2 billion in 20 tranches which had priced during the week ended May 27, the previous largest volume week this year.
Traders said that the new Weatherford notes were mostly seen trading around the two tranches’ par issue price.
Among other recently priced deals, traders saw considerable volume for yet another day in the billion-dollar-plus deals that had priced earlier in the week from Dell, Inc., DISH Network Corp. and Cheniere Energy Partners LP. All were off on the day, in line with the day’s generally easier junk bond market, but remained above their respective issue prices.
Traders also saw notable volume in Thursday’s new deals from J.C. Penney Corp., Inc. and Centene Corp., which likewise came off the highs they had hit in initial aftermarket dealings.
Statistical market performance measures turned lower on Friday after having been mixed on Thursday.
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