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Comstock prices; Bruin carried over; secondary trading light; IHS Markit eyed; Teva active
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 20 – The domestic high-yield primary market saw one deal price with a second deal being pushed into the July 23 week.
While there was speculation that Comstock Resources, Inc. might also carry over to the week ahead, the Frisco, Texas-based independent energy company priced an $850 million issue of 9¾% eight-year senior notes (Caa1/B/B) at 95.988 to yield 10½% on Friday.
However, Bruin E&P Partners LLC delayed pricing its $600 million offering of eight-year senior notes (B3/B+) until Monday.
Other than Bruin E&P, the active forward calendar remains empty for the week ahead. However, there are whispers BMC Software could bring its $1.825 billion offering in the coming week.
Meanwhile, trading volume was extremely light in the secondary space on Friday, sources said.
The focus of the secondary space was on IHS Markit Ltd.’s newly priced two-tranche split-rated notes, which dominated trading activity.
The notes were seen hovering around their issue price in high volume trading.
Teva Pharmaceutical Industries Ltd.’s 3.15% senior notes due 2026 were also active and making slight gains in the secondary after news that sales of Teva’s multiple sclerosis drug Copaxone saw a 30.9% increase.
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