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No pricings but calendar builds, Caleres on tap; coal, energy names remain under pressure
By Paul Deckelman and Paul A. Harris
New York, July 20 – After last week’s moderately busy schedule of pricings, including the first megadeal-sized offering in weeks, the high-yield primary market took something of a breather on Monday.
Syndicate sources reported no pricings of any U.S. dollar-denominated, junk-rated offerings from domestic or industrialized-country borrowers.
However, despite the lack of deals coming to market there was plenty of activity in the primary. The sources said that the Junkbondland forward calendar continued to grow, with the addition of several offerings.
The most immediate one is clothing and footwear company Caleres Inc.’s $200 million eight-year issue, which is expected to come to market on Tuesday.
Two other dollar deals joined the forward calendar. One was an $800 million eight-year offering from clean power company TerraForm Global, Inc.
Hospital operator Prime Healthcare Services, Inc. will shop a $700 million eight-year offering around to potential buyer via an investor call Tuesday.
Among recently priced issues, traders again saw brisk activity in the new WPX Energy Inc. $1 billion two-part offering, which priced on Friday. Both tranches were off from their initial aftermarket gains.
Among other deals that priced last week, Genesis Energy LP’s seven-year notes were seen slightly firmer.
But that was the exception to the rule, with most natural resources names, including Consol Energy and California Resources Corp. seen lower.
Statistical market performance indicators were lower across the board for a second straight session.
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