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Carrizo, other recent energy deals firm in secondary; funds see Thursday outflows
By Paul A. Harris
Portland, Ore., June 30 – The high-yield market was generally quiet Friday morning, heading into the weekend before Independence Day, a trader said.
A number of market participants are stretching the coming weekend through Monday and into the Tuesday national Independence Day holiday in the United States, sources say.
At midmorning the SPDR Blmbg Barclays High Yield Bd ETF (JNK) was barely moved at $37.14 per share, up a penny, or 0.04%.
Junk bond deals that priced during a busy Thursday session all tended to be trading well on Friday morning, the trader said.
Recent energy deals, in particular, were trading at 101 bid or better, the source added.
The new Carrizo Oil & Gas, Inc. 8¼% senior notes due July 15, 2025 (B3/B+) were at 101¾ bid at midmorning.
The $250 million issue, which came at par on Thursday, on top of yield talk, was priced right, the trader remarked.
Away from energy, VeriSign, Inc.’s new 4¾% senior notes due July 15, 2027 (Ba1/BB+) were at 101 bid on Friday morning.
The upsized $550 million deal also priced at par on Thursday after being increased from $450 million.
CMC roadshow
In a quiet primary market, Italy’s CMC di Ravenna disclosed plans to start a roadshow on Monday for a €250 million offering of five-year senior notes via BNP Paribas.
The roadshow is set to wrap up on Thursday.
And Hecla Mining Co. withdrew its $500 million offering of eight-year senior notes as current terms and conditions were not sufficiently attractive for the company to move forward.
The deal had been whispered in the market in the high 5% to 6% area yield context, an investor said.
Thursday outflows
Cash flows for dedicated high-yield bond funds were decidedly negative on Thursday, the trader said.
High-yield ETFs saw $489 million of outflows on the day.
Actively managed funds sustained $140 million of outflows on Thursday.
Those daily fund flow numbers come on the heels of $1.735 billion of outflows for the week to Wednesday’s close, as reported Thursday by Lipper US Fund Flows.
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