Quiet primary closes out year’s first week, new Lennar notes busy; Ruby Tuesday retreats

By Paul Deckelman and Paul A. Harris

New York, Jan. 6 – The high-yield primary arena was quiet on Friday with no new deals pricing, as Junkbondland closed out the first week of trading for the new year on a generally firm note.

While nothing priced, syndicate sources said that the forward calendar grew, with a pair of issuers heard to be hitting the road to market new deals – packaging company Novolex Holdings Inc. and aircraft leasing entity Avolon Holdings Ltd.

In the secondary sphere, traders saw fairly busy dealings in homebuilder Lennar Corp.’s new five-year notes, which priced on Thursday; that paper continued to trade at just a slight premium to its par issue price.

Lennar was one of two deals that came to market during the holiday-shortened first week of the new year, with some $800 million of new junk-rated and U.S. dollar-denominated paper having priced – nearly double the primary volume seen in the year-ago week, according to data compiled by Prospect News.

Away from the new deals, Ruby Tuesday, Inc.’s bonds fell by several points – though on limited volume – in line with a slide in the company’s shares after the restaurant chain operator reported a wider fiscal second-quarter loss and lower revenues versus its year-earlier performance.

Statistical market performance measures were mixed for a second straight session on Friday. Those indicators had turned mixed on Thursday after being stronger across the board over the previous four trading days.

© 2015 Prospect News.
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