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Bill Barrett brings eight-year notes in light primary; Freeport-McMoRan up on Indonesia
By Paul Deckelman and Paul A. Harris
New York, April 25 – For a second consecutive session, activity in the high-yield dollar-denominated segment was light on Tuesday with just a single deal seen having priced, as oil and natural gas producer Bill Barrett Corp. was heard by syndicate sources to have gotten a $275 million eight-year offering done.
That was slightly more new U.S. dollar-denominated and fully junk-rated paper than had come to market on Monday, when communications-oriented real estate investment trust Uniti Group Inc. priced $200 million of 2024 bonds. Traders meantime saw the latter bonds continuing to firm in the aftermarket.
No other news was heard out of the domestic primary sphere, while in the euro-denominated segment of the market, France’s La Financiere Atalian SA and Germany’s Senvion Holding GmbH hit the road to market their respective upcoming deals to investors.
Away from the new-deal realm, traders saw metals miner Freeport McMoRan Inc.’s bonds firm across its capital structure, as the company announced a resumption of copper concentrate exports from Indonesia after a lengthy regulatory dispute with that nation.
Canadian lumber producer Resolute Forest Products Inc.’s bonds got chopped down by the news that the United States will slap a hefty tariff on wood coming in from that country.
Statistical market performance measures improved across the board for a second consecutive session on Tuesday; they had turned northward on Monday, after having been mixed over the three previous sessions and lower all around the session before that. Monday was the first time that the indicators had all been up since April 3.
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