Primary quiet; GameStop shops deal; new HCA bonds jump; steel makers up on trade ruling

By Paul Deckelman and Paul A. Harris

New York, March 2 – Syndicate sources said the junk bond primary sphere fell silent on Wednesday after four consecutive sessions during which new high-yield deals came to market – three of those in the megadeal-sized category.

Those sources did see one bit of news. Video game retailer GameStop Corp. began shopping a $400 million offering of five-year notes around to investors, with pricing expected later in the week.

Among recently priced new deals, Tuesday’s big transaction from hospital operator HCA, Inc. was just what the doctor ordered, adding to the solid gains that the issue had already notched in initial aftermarket dealings after pricing. It was also the most actively traded credit in Junkbondland.

Traders also saw continued firming, in active dealings, in Monday’s megadeal from auto insurance software provider Solera, LLC and in Friday’s new issue from homebuilder Lennar Corp.

Away from the new or recently priced credits, domestic steel makers such as AK Steel Holdings Corp. and United States Steel Corp. strengthened on a favorable ruling from federal trade authorities, who found that a number of overseas producers had violated anti-dumping laws on cold-rolled flat steel.

Statistical market performance measures were higher across the board for a fifth consecutive session on Wednesday, a winning streak that started last Thursday after the indicators had been lower last Wednesday. It was their sixth higher session in the last eight trading days.

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