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Morning Commentary: New Cable ONE bonds outperform; CDX opens flat; XPO Logistics on deck
By Paul A. Harris
Portland, Ore., June 4 – The high-yield CDX opened the Thursday session flat amid considerable volatility in the global capital markets, according to a buyside source, who marked the index at 106.8 bid, 106.9 offered.
The International Monetary Fund made a downward revision to its forecast for U.S. economic growth for 2015, to 2.4% from the previous 3.1%, and suggested that the Federal Reserve Bank hold off raising its benchmark interest rate, the buysider noted.
The new Cable ONE, Inc. 5¾% senior notes due June 15, 2022 (B1/BB) were turning in a strong performance in the secondary market at 101 5/8 bid, 102 1/8 offered, the buysider said.
The $450 million issue priced at par on Wednesday.
Thursday deals
The Thursday primary calendar features a sizable roster of deals poised to price before the close of the market.
XPO Logistics, Inc. is out with a restructured three-part, three-currency deal that includes a £300 million tranche of five-year notes talked to yield 6¾% to 7%, a $500 million equivalent minimum tranche of euro-denominated six-year notes talked to yield 5¾% to 6%, and a $500 million minimum tranche of seven-year notes talked to yield 6½% to 6¾%.
The bridged deal, which was announced earlier in the week as a $2 billion equivalent four-part offering, was restructured with the elimination of a proposed euro-denominated floating-rate tranche.
Also on deck is Harsco Corp. with a $250 million offering of five-year senior notes (Ba1/BB/BBB-) talked to yield 6% to 6¼%.
Life Time Fitness Inc. is also expected to price its downsized $450 million (from $600 million) offering of eight-year senior notes (Caa1/CCC+) talked in the 8¼% area.
Also on deck are CEB Inc. and DuPont Fabros Technology, LP (see related stories in this issue).
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