| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers U > Headlines for United States Steel Corp. > News item |
Primary prices $2.4 billion; U.S. Steel ‘stuck’ at par; PennyMac, Northern Oil weaken
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Feb. 9 – Amid a steady Tuesday news flow in the primary market four issuers priced a combined total of five dollar-denominated high-yield tranches to raise $2.4 billion.
Tight executions continued to be the rule, with four of Tuesday tranches coming at the tight ends of talk, while the fifth priced inside of talk.
Meanwhile the active forward calendar saw a modest build up.
In the wake of Tuesday's action there remained $2.4 billion of dollar-denominated business slated to clear the market ahead of Friday's close.
Meanwhile, the secondary space was largely unchanged on Tuesday. However, the overall market remained well bid, sources said.
“Things are going in one direction,” a source said.
New paper continued to dominate the tape with activity outside of recent issues slow.
However, while new paper was actively traded, several recent issues saw little movement in terms of price.
United States Steel Corp.’s 6 7/8% senior notes due 2029 (Caa2/B-/CCC+) were “stuck” at par in active trading, a source said.
While still trading with a premium, Northern Oil and Gas, Inc.’s 8 1/8% senior notes due 2028 (Caa1/B/B) and PennyMac Financial Services Inc.’s 4¼% senior notes due 2029 (B1/BB-) were coming in from the heights reached after breaking for trade on Monday.
© 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.