| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Toys 'R' Us Inc. > News item |
Morning Commentary: Brexit jitters kindle weakness in junk; Nuance Communications, PVH on deck
By Paul A. Harris
Portland, Ore., June 14 – Cash bonds were down ½ point to a point on Tuesday morning in high-yield trading as concerns mounted about the fallout of a possible decision on the part of voters in England to leave the European Union when those voters take to the polls next week, a bond trader said.
High-yield ETFs were lower on the morning. The iShares iBoxx $ High Yield Corporate Bd (HYG) was 29 cents lower (0.35%) at $82.98 per share. SPDR Barclays High Yield Bond ETF (JNK), at $34.93 per share, was down 15 cents or 0.43%.
Recent issues, including the US Foods Holding Corp. 5 7/8% senior notes due June 15, 2024 (B3/B) and the AK Steel Holding Corp. 7 ½% senior secured notes due July 15, 2023 (B2/B+) were trading around their par new issue prices, the trader said.
Both deals priced late Monday.
The outperformer among recent deals were the Reynolds Group Holdings Ltd. 7% senior unsecured notes due July 15, 2024 (Caa2/CCC+) which were trading at 101¼ bid, 101¾ offered at late morning Tuesday.
The $800 million issue came at par on Monday in a $2.9 billion three-part deal that also included $750 million of Libor plus 350 basis points senior secured floating-rate notes and $1.35 billion 5 1/8% senior secured fixed-rate notes, both B1/B+.
Away from recent issues, Toys ‘R’ Us, Inc. bonds maturing in 2017 and 2018 were up 7 to 8 points on news of an exchange offer from the company announced on Monday. The existing paper will be exchanged for newly issued debt set to mature in five years.
Nuance, PVH on deck
In the primary market, Nuance Communications, Inc. plans to price a $300 million offering of eight-year senior notes Tuesday.
Early guidance has the deal coming to yield in the 5¾% area.
Morgan Stanley and Barclays are the joint bookrunners.
And PVH Corp. talked its €350 million offering of non-callable eight-year senior notes (Ba2/BB+) to yield in the 3 5/8% area.
The offering, via active bookrunner Barclays, is set to price later Tuesday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.