Fresenius new deal closes $6.1 billion week; new Targa notes busy; energy still pressured

By Paul Deckelman and Paul A. Harris

New York, Oct. 24 – The high-yield primary sphere finished out the week on Friday with a sizable deal from healthcare name Fresenius Medical Care, which priced $900 million of new notes in two tranches consisting of six- and 10-year notes.

Traders said that the new paper firmed in initial aftermarket dealings.

The Fresenius offering brought the week’s new-issuance total to $6.07 billion in 13 tranches, according to data compiled by Prospect News. That was well up from the one solitary tranche worth just $500 million that had priced during the previous, holiday-shortened week ended Oct. 17 – a week marked by intense volatility and uncertainty in the financial markets.

Among recently priced new issues, traders saw very active dealings in the Targa Resources Partners LP notes that came to market on Thursday. The midstream natural gas and natural gas liquid services provider’s quickly-shopped new issue was seen to have firmed modestly once it reached the aftermarket

There was also fairly brisk trading in Thursday’s other new issue, from Graphic Packaging International Inc., although those notes were seen to have come in slightly from the gains they had initially put up.

Statistical measures of market performance were higher on the day for a second consecutive session Friday, and were finishing up across the board versus where had closed out the previous Friday for a second straight week.

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