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Quiet end to $9.7 billion week: no pricings; Cablevision downsizes deal; recent issues retreat
By Paul Deckelman and Paul A. Harris
New York, Sept. 9 – The high-yield primary market took a well-deserved breather on Friday following two whirlwind sessions on Wednesday and Thursday in which more than $9.7 billion in new dollar-denominated, fully junk-rated paper had come to market from domestic or industrialized-country issuers – the heaviest volume of new issuance seen in weeks, bringing to an abrupt end the lengthy mid-summer new-deal drought.
Primaryside sources reported that they had heard no new deals completed during the session – although there had been talk that cable television and media company Cablevision Systems Corp. would complete a planned megadeal-sized offering of 10.5-year notes.
As of late Friday, there was no official word on whether that had in fact happened – but the sources did hear that Cablevision had downsized its offering by $600 million, shifting that amount into a concurrent bank debt financing deal the company is doing.
The sources also said that industrial materials maker Versum Materials, Inc. will be shopping a new eight-year deal around to potential investors during the coming week.
Secondary market traders meantime said that – as had been the case on Thursday – the new issues which had priced during the bond binge on Wednesday and Thursday were dominating the Most Actives list on Friday.
However, they said that those new deals were almost uniformly lower, in line with an overall weaker junk bond market.
In line with that weaker overall market, statistical market performance measures were down across the board on Friday, after having firmed on Thursday.
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