Primary raises $3.32 billion; secondary under pressure; Post flat; TopBuild, TTM trade up

By Paul A. Harris and Abigail W. Adams

Portland, Ore., Feb. 25 – Another six high-yield issuers priced deals on Thursday for $3.32 billion on the heels of a Wednesday when $4.35 billion of new paper also came from half a dozen issuers.

Meanwhile, it was a brutal day in the secondary space with “everything getting hit,” a source said.

Investors resumed their flight from risk assets as the 10-year Treasury yield hit its highest level in a year.

While short-duration notes held up well, longer duration notes and CCC-credits took the brunt of the sell-off.

Rate-sensitive names were down as much as 1 point on the day, a source said.

While the overall market was under pressure, TTM Technologies, Inc.’s 4% senior notes due 2029 (Ba3/BB-/BB) outperformed with the notes rising to a 101-handle.

While coming in from the heights reached after breaking for trade, TopBuild Corp.’s 3 5/8% senior notes due 2029 (Ba2/BB) maintained a decent premium given the market conditions.

While DaVita Inc.’s 4 5/8% senior notes due 2030 (Ba3/B+) were initially trading well above the reoffer price of its $1 billion add-on, they came in as the session progressed.

Post Holdings, Inc.’s 4˝% senior notes due 2031 (B2/B+) were stuck at their issue price in high-volume activity.

© 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.