In-demand AssuredPartners, United Rentals cap nearly $3.5 billion week, new issues gain

By Paul Deckelman and Paul A. Harris

New York, July 28 – The high-yield primary market stepped on the gas on Friday, pricing a pair of new dollar-denominated and fully junk-rated deals totaling $1.43 billion.

Insurance brokerage services provider AssuredPartners Inc. brought an upsized $500 million of eight-year notes to market as a regularly scheduled forward calendar pricing.

Construction equipment rental and leasing company United Rentals, Inc. meantime drove by with a quickly shopped $925 million of 10.5-year notes.

Primaryside sources said that both of those new deals played to brisk investor demand and both moved solidly higher when they hit the secondary.

Those two deals raised the week’s new-issuance total to $3.48 billion in six tranches, according to data compiled by Prospect News, well exceeding the more relaxed new deal pace seen over the past several weeks.

In the secondary market, besides Friday’s new issues, traders saw sizable activity in other recent pricings such as Vivint, Inc. and the two-part megadeal from NGPL PipeCo LLC, which were both seen continuing to add to the already hefty aftermarket gains they have notched since pricing.

Away from the new issues, Goodyear Tire & Rubber Co.’s bonds were seen on the downside, after the giant tire manufacturer reduced its fiscal 2017 earnings guidance.

Statistical market performance measures turned mixed on Friday after moving moved lower on Thursday for the first time since July 6.

© 2015 Prospect News.
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