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Midday Commentary: High-yield bond prices firm at the open; Hecla, Rentech deals on deck
By Paul A. Harris
Portland, Ore., April 9 - In early Tuesday trading, bond prices tended to be firmer compared to Monday levels, according to a trader on the East Coast of the United States.
The H.J. Heinz Co.'s (Hawk Acquisition Sub, Inc.) 4¼% second-lien senior secured notes (B1/BB-/BB) due in October 2020 were par bid, par 1/8 offered, a trader said on Tuesday morning.
Another trader saw them par bid, par ½ offered.
The bonds priced at par on March 22 in a massive, upsized $3.1 billion issue.
Meanwhile the recently minted DISH DBS Corp. bonds (Ba2/BB-/) were languishing below par.
The 4¼% notes due in April 2018 were 99¼ bid, 99¾ offered; $1.2 billion of the paper came last week.
The 5 1/8% notes due in May 2020 were 99 bid, 99¼ offered, the trader said; $1.1 billion of that issue also priced last week.
DISH's overall two-part deal size grew to $2.3 billion from $1 billion
Hecla, Rentech on deck
Primary news was sparse on Tuesday; however, sources look for that to change.
The late-week primary news flow should intensify starting on Wednesday, a buyside source said.
At least two deals are expected to price on Tuesday.
Hecla Mining Co. talked its $400 million offering of eight-year senior notes (B2) to yield 6 7/8% to 7 1/8% on Monday.
BofA Merrill Lynch and Scotia Capital are the joint bookrunners.
And Rentech Nitrogen Partners, LP and Rentech Nitrogen Finance Corp. talked their $320 million offering of eight-year senior secured notes (B1/B) to yield 6½% to 6¾%.
Credit Suisse Securities (USA) LLC, BMO Securities, Morgan Stanley & Co. LLC and RBC Capital Markets are the joint bookrunners.
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