Domestic primary pipeline thin, issuance lowest since 2010; Tronox gains, Frontdoor drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 6 – The domestic primary market saw another quiet session Tuesday with the active forward calendar unchanged with $2.11 billion in two deals in the market.

While the pipeline for new deals is thin heading into the final months of the year, Forest City Realty Trust Inc. and Denbury Resources Inc. are expected to surface with offerings.

New deal activity at the close of October was the lowest it has been in eight years, according to an analysis of Prospect News data.

While the European primary market has €2.23 billion in three deals in the market, Victoria plc withdrew its €450 million offering of five-year senior secured notes after failing to obtain favorable pricing.

With no new paper entering the secondary space on Tuesday, trading activity continued to focus on earnings results with some names receiving a boost and others seeing a marked declined.

Frontdoor Inc.’s 6¾% senior notes due 2026 and Rayonier Advanced Materials’ 5½% senior notes due 2024 were under pressure after their earnings report.

Tronox Inc.’s 6½% senior notes due 2026 saw gains. Gray Television Inc.’s newly priced 7% senior notes due May 2027 (B3/B+/BB-) continued to gain in the secondary space with the notes buoyed by a strong quarter.

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