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Pulte, Realogy deals drive by, new Pulte up; Intelsat rebounds more; funds gain $2.74 billion
By Paul Deckelman and Paul A. Harris
New York, Feb. 25 – The high-yield primary market saw some brisk drive-by action on Thursday, as two deals totaling $1.25 billion in three tranches were heard by syndicate sources to have gotten done.
The big deal of the day was homebuilder Pulte Group Inc.’s $1 billion two-part offering, split into five- and 10-year tranches.
Traders said that both moved up in extremely active aftermarket dealings.
Real estate services provider Realogy Group, LLC meantime brought a quickly shopped $250 million add-on to its existing 2021 notes. The existing notes were about unchanged on the day, trading above the add-on’s issue price.
Away from the new issues, traders said that Intelsat SA’s bonds were higher across the board, as the communications satellite company’s paper continued to recover from the beating that it took the first two days of the week on less-than-stellar preliminary revenue numbers and guidance, as well as investor nervousness about the company’s having hired an adviser to assess financing and balance-sheet alternatives.
Another recently battered name – Whiting Petroleum Corp. – also turned northward on Thursday after having been beaten down earlier in the week on disappointing numbers.
Statistical market performance measures turned higher across the board on Thursday after having been lower all around on Wednesday, their second higher session in the last four trading days.
Another numerical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds – turned strongly positive this week as some $2.74 billion more came into those funds than left them, their biggest net inflow since last fall.
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