Citgo, upsized Micron drive-by price; new Regency up in heavy trading; Clear Channel climbs

By Paul Deckelman and Paul A. Harris

New York, July 23 – For a second straight session, the high-yield primary sphere was heard by syndicate sources on Wednesday to have priced a pair of new dollar-denominated, fully junk-rated deals.

Some $1.8 billion of new paper priced, as Micron Technology, Inc. did an upsized and quickly shopped $1.15 billion of 10.5-year notes, while Citgo Petroleum Corp. priced $650 million of eight-year secured notes as a regularly scheduled forward calendar offering.

Traders said the Micron megadeal appeared too late in the session for any kind of aftermarket activity, but the new Citgo bonds had firmed smartly when it was freed to trade.

They also said that Tuesday’s upsized drive-by transaction from Regency Energy Partners, LP continued to firm in heavy trading for a second consecutive session.

Away from the new deals, traders saw a generally better overall market tone as Junkbondland tried to regain its footing for a second straight session after several sessions of malaise before that.

Among specific issues, Clear Channel Communications Inc. bonds were mostly higher after the company reported second-quarter results, despite a slide into the red. It also reported continued progress in taking out most of its near-term maturities.

Statistical market performance indicators were trending unchanged to higher after having been mixed on Tuesday and lower on Monday.

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