AES drive-by prices; Staples downsizes megadeal; busy Tesla trading; Calumet bonds jump

By Paul Deckelman and Paul A. Harris

New York, Aug. 14 – The week got off to a start as power generating company AES Corp. was heard by high-yield syndicate sources to have priced $500 million of 10-year notes.

Traders did not immediately report any initial aftermarket dealings in the new paper.

The sources meantime said that giant office supplies retailer Staples Inc. was downsizing its pending offering of eight-year notes to $1 billion

They also said that plastics and rubber manufacturer Trinseo – which had been expected to price a quickly shopped $450 million issue of eight-year notes Monday – will now likely do that deal on Tuesday.

Tuesday is also expected to see a pricing of $500 million of eight-year notes from metals maker Big River Steel LLC.

Among recently priced issues, Friday’s giant-sized offering from electric car maker Tesla, Inc. was rolling up some giant-sized trading volume in the secondary market.

Healthy activity levels were also seen in such recently priced credits as United States Steel Corp., Parexel International Corp. and Restaurant Brands International Inc.

Away from the new deals, petroleum derivatives producer Calumet Specialty Products Partners, LP’s bonds firmed smartly on news that it will sell a Wisconsin refinery, with the expected proceeds to go towards deleveraging.

Statistical market performance measures turned higher on Monday for the first time since Aug. 2; those indicators had been mixed on Friday.

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