Primary quiet with no pricings, though Tapstone, GFL in works; new USG stays busy, better

By Paul Deckelman and Paul A. Harris

New York, May 2 – The high-yield primary sphere finally took a breather on Tuesday, with syndicate sources reporting no pricings of any new U.S. dollar-denominated paper for the first time in more than two weeks, since April 17.

That having been said, there was activity going on behind the scenes.

Oil and gas operator Tapstone Energy LLC was heard to be getting ready to hit the road to market a $300 million issue of five-year notes to prospective investors.

Meanwhile, Canadian waste management services provider GFL Environmental Inc. is expected to price $350 million of five-year paper on Wednesday.

Among recently priced issues, building products manufacturer USG Corp.’s new 10-year issue, which priced as a drive-by deal on Monday, was busily traded in the aftermarket for a second straight session, modestly firming from the strong levels seen in its initial secondary activity on Monday.

But traders saw only reduced volume levels in other recent new deals such as Friday’s issue from Covey Park Energy LLC and Thursday’s offering from Pharmaceutical Product Development LLC.

Statistical market performance measures turned mixed on Tuesday after having been higher across the board for three straight sessions on Thursday, Friday and again on Monday. It was the second mixed session in the last five trading days.

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