CyrusOne, Howard Hughes, LPL price to cap $6 billion week; busy new BlueLine bonds jump

By Paul Deckelman

New York, March 3 – The high-yield primary market saw its second big session in as many days on Friday.

Syndicate sources said that three new U.S. dollar-denominated and fully junk-rated deals got done in four tranches, accounting for a total of $2.1 billion of new paper.

CyrusOne Inc., a real estate investment trust specializing in data-center properties, brought two tranches to market – $500 million of seven-year notes and $300 million of 10-year paper. Both tranches were heard by traders to have moved up when they hit the aftermarket.

There was also a single-tranche $800 million deal from Howard Hughes Corp. – a real estate development company originally founded by the famous billionaire investor.

LPL Holdings Inc., a retail financial adviser, rounded out the day’s activity with a $500 million issue of 8.5-year notes.

Several other prospective issues surfaced, including offerings from chemical maker Rain Carbon Inc. and from Fortress Transportation and Infrastructure LLC.

The day’s deals, combined with the $4.2 billion that got done in six tranches, brought the week’s new issue total to $6.3 billion in 10 tranches.

Thursday’s megadeal-sized offering from construction equipment provider BlueLine Rental was by far the day’s busiest secondary market issue. Those notes firmed smartly from their par issue price

Statistical indicators of market performance were trending lower on Friday after being mixed on Thursday.

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