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Ardagh brings $4.5 billion to strong demand; Western Digital off post-earnings; Valeant pressured
By Paul A. Harris and Stephanie N. Rotondo
Seattle, April 29 – A giant offering from Ireland’s Ardagh Group led high-yield market activity on Friday.
The packaging company priced an upsized $4.5 billion equivalent five-part issue which included two euro-denominated tranches and met with huge demand.
A second deal, from United Rentals (North America), Inc. brought the day’s dollar-denominated total to four tranches raising an overall amount of $3.9 billion.
In the secondary, April’s month-end session was driven in large part by another round of earnings that resulted in lower pricing levels for the high-yield bond market.
For instance, Western Digital Corp. came out with numbers that were deemed “kind of sloppy” by one trader. In response, the company’s 7 3/8% notes due 2023 and the 10˝% notes due 2024 – both of which priced March 31 and have been trading fairly well ever since – traded off.
Valeant Pharmaceuticals International Inc. also released its long-awaited annual report on Friday. The report showed that more restatements of previous earnings from 2014 and 2015 needed to be done.
Those bonds were also trading down for the day.
In other earnings news, First Quantum Minerals Ltd. reported a loss for its first quarter. However, the mining company also said that revenue improved year over year. The revenue gain beat estimates.
Away from earnings news, AK Steel Holdings Corp. bonds were losing ground on Friday in the wake of a sale of 52 million shares.
The $228.8 million equity offering priced early in the day. Proceeds will be used to repay borrowings.
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