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DISH notes lower in junkland; Open Text active; Gap paper climbs on earnings
By Cristal Cody and Paul A. Harris
Tupelo, Miss., Nov. 18 – Aside from conspicuous crossover deals from United Rentals and OpenText – both of which were heard to have gotten attention from some new issue-starved high-yield accounts – the primary market managed to put up just $400 million of new issue volume during the Nov. 14 week.
With the primary market slow, attention turned to the secondary market, though the day felt “quiet,” a source said.
“High yield was soft in the morning, but the CDX is up now,” the market source said. “But it’s been a little bit quiet in some accounts.”
The iShares iBoxx High Yield Corporate Bond ETF added 16 cents, or 0.22%, to move up to $74.23 by the close.
DISH Network Corp.’s new 11¾% senior secured notes due 2027 (Ba3/B+) slipped nearly ¼ point with the issue among the top junk bonds traded Friday. The bonds were still trading well above issuance since pricing in the prior week.
Open Text Corp.’s new 6.9% senior secured notes due 2027 (Ba1/BBB-/BBB) were quoted late afternoon trading at 100.4 to par ¾ bid, a source said.
The issuer priced the bonds on Wednesday at par at the tight end of talk in the 7% area.
Meanwhile Friday, Gap Inc. bonds gained along with its stock following the release of the retailer’s third-quarter results the previous day.
“The stock is up 7% today,” a source said. “It jumped after they posted better than expected sales and profits.”
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