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Kosmos Energy prices day’s sole deal to close $4.6 billion week; market ponders continued outflows
By Paul Deckelman and Paul A. Harris
New York, July 25 – The high-yield primary market closed out the week on Friday with a single pricing, with syndicate sources reporting that Kosmos Energy Ltd., which drills for oil and natural gas in Africa, South America and off the coast of Ireland, priced $300 million seven-year secured notes.
That lone deal, priced as a regularly scheduled forward calendar offering, brought the total new-issuance for the week of dollar-denominated, junk-rated paper from domestic or industrialized-country borrowers to $4.56 billion in eight tranches, according to data compiled by Prospect News.
Traders did not see any immediate aftermarket dealings in the new Kosmos bonds.
They meanwhile saw slightly easier levels for some of the new deals that had priced earlier in the week, including Thursday’s issues from Alliance Data Systems Corp. and Clearwater Paper Corp., as well as Wednesday’s megadeal from Micron Technology, Inc.
The overall market was typically Friday-afternoon quiet, with few standout features. One notable name, though was Canadian transportation equipment manufacturer Bombardier Inc., whose bonds slid in the wake of the company’s mid-week announcement that it was restructuring some operations and cutting 1,800 jobs.
Market-watchers meantime speculated on the meaning of the second big outflow of cash from junk mutual and exchange-traded funds in as many weeks, which was reported on Thursday.
Statistical market performance indicators were lower across the board on Friday, after having been mixed on Thursday and higher on Wednesday.
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