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Primary quiet as $4 billion week closes; new Revlon bonds firm smartly; Joy Global holds gains
By Paul Deckelman and Paul A. Harris
New York, July 22 – The high-yield market saw a quiet session in the primary as no new dollar-denominated and fully junk-rated deals were heard by syndicate sources to have priced.
That lack of new paper left the weekly new issuance total right where it had been at the end of Thursday’s session – $4.09 billion in eight tranches, up from the $3.36 billion which had priced in seven tranches last week, ended July 15, according to data compiled by Prospect News.
Although no new dollar deals priced during Friday’s session, the syndicate sources said that one new deal joined the forward calendar, as Greek dairy producer FAGE International SA and its U.S. affiliate made plans to hit the road Monday to market a $420 million offering of 10-year notes.
Among the names which have already come to market, traders saw cosmetics company Revlon Inc.’s new eight-year notes sitting pretty, having moved up solidly from Thursday’s pricing level.
They also saw Thursday’s other new deal, from recording company Warner Music Group Corp., continuing to trade around the higher levels that seven-year secured offering hit after pricing on Thursday.
Also holding on to Thursday’s gains in active dealings Friday was Joy Global Inc., whose paper had zoomed by as much as 17 points on the news that the mining heavy equipment manufacturer will be bought by Japanese industry peer Komatasu.
Statistical market performance measures turned higher across the board on Friday after having been mixed on Thursday. It was the second higher session in the last three trading days.
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