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Dollar market calm; Brand on tap; new HCA, Masco, Yum! Hertz gain; energy eviscerated
By Paul Deckelman and Paul A. Harris
New York, June 14 – The dollar-denominated high-yield primary market remained in a holding pattern for a second consecutive session on Wednesday, with no fully junk-rated domestic paper seen having come to market.
Primaryside sources said that all of the action seemed to be coming out of the euro-denominated portion of Junkbondland, including pricings by Dutch cable, telecommunications and broadband provider UPC, as well as British online grocer Ocado.
But the domestic drought could come to an end as soon as on Thursday, when Brand Energy & Infrastructure Services, Inc. is expected to price a $700 million eight-year note offering.
In the secondary market, traders said that the widely expected move by the Federal Reserve to bump interest rates up a notch had little or no market impact.
They reported continued brisk volume, at higher levels, in such recently priced credits as HCA Inc., Masco Corp., Yum! Brands, Inc. and even Hertz Corp. – the latter issue seen having pulled out of the skid it was in immediately after the car-rental giant priced its upsized megadeal at the end of May.
Away from the new deals, energy issues such as California Resources Corp., Chesapeake Energy Corp., Whiting Petroleum Corp. and EP Energy Corp. were taking it on the chin, hammered down in tandem with crude oil prices, which fell badly on a rise in U.S. gasoline inventories.
Statistical market performance measures turned mixed on Wednesday, after having been higher all around on Monday and again on Tuesday; before that, the indicators had been mixed last Friday and lower across the board for the three straight sessions before that.
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