Rocket Software, Brightline, Tutor Perini join calendar; Transocean softer; Ardagh drops on new financing

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 15 – Although no new issues priced during the Monday high-yield primary market session, the active forward calendar saw a substantial buildup.

Brightline East LLC, Rocket Software Inc., and Tutor Perini Corp. joined the calendar with offerings that are slated to price over the next two sessions.

Meanwhile, it was another soft day in the secondary space on Monday with Treasury yields creeping higher as markets price in reduced rate cut expectations.

The cash bond market was off another ¼ point with the downturn in the market threatening to form a trend.

The relatively strong performance of new and recent issues continued to wane with several deals from the previous week below par.

Transocean Inc.’s recently priced tranches of priority guaranteed notes (Caa1/B-) sank further in heavy volume on Monday with the notes now trading firmly on a 99-handle.

However, Ardagh Group SA’s senior notes were the largest losers of the session, tumbling 4 to 5 points after the company entered into a new senior secured credit facility with Apollo.

© 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.