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Kaiser drives by, BlueScope, McGraw-Hill also price; new bonds up; funds gain $296 million
By Paul Deckelman and Paul A. Harris
New York, April 28 – The high-yield primary market resumed pricing activity on Thursday after having taking a break on Wednesday for a session in which no new dollar-denominated and fully junk-rated issues came to market.
Syndicate sources put Thursday’s tally of new junk paper at $1.28 billion.
Australian metal products producer BlueScope Steel Co. did an upsized $500 million offering of five-year notes as a regularly scheduled forward calendar transaction via a pair of financing subsidiaries, the largest deal of the session.
Educational materials provider McGraw-Hill Global Education Holdings LLC had been slated to have the day’s biggest offering, but slimmed its eight-year forward calendar deal down to $400 million before pricing.
Metal products manufacturer Kaiser Aluminum Corp. meanwhile brought an upsized, quickly shopped tranche of eight-year notes to market to round out the day’s pricing activity.
In the secondary realm, traders reported that all three of those new issues had moved up solidly in very active aftermarket activity.
Away from the new deals, traders said that Intelsat SA’s bonds were solidly better across the communications satellite company’s capital structure, on better-than-expected quarterly numbers.
Statistical market performance measures turned mixed on Thursday, after having been higher across the board on Wednesday; it was the second mixed session in the last three trading days.
Another numerical indicator – flows of cash into or out of high yield mutual funds and exchange-traded funds – was positive during the latest reporting week, its fourth week on the upside. The funds added $296 million of cash.
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