Transocean, Jaguar price; new issues share spotlight with Intelsat; Windstream bonds gain

By Paul A. Harris and Stephanie N. Rotondo

Portland, Ore., Oct. 4 – A relatively busy primary market session on Wednesday saw four issuers price single-tranche deals, raising a combined total of $1.9 billion.

In quick-to-market transactions, Transocean Inc. brought $750 million of 8.25-year notes at par to yield 7˝% and Hologic, Inc. priced $350 million of eight-year notes at par to yield 4 3/8%.

Jaguar Land Rover Automotive plc priced $500 million of 4˝% 10-year notes, and Time Inc. priced $300 million of 7˝% eight-year notes.

Trading in the high-yield bond market was again dominated by recently priced issues on Wednesday.

However, the secondary had its own flurry of activity in the midweek session.

Intelsat SA paper, for instance, was trading actively and better. The name began to gain ground late Tuesday when it was reported that the company is encouraging regulators to allow the use of satellite spectrum for terrestrial communications.

Windstream Holdings Inc. was also notable, as has been the case of late. The company’s debt traded up as it was ruled that the transferring of assets and spinoff of what became Uniti Group Inc. did not trigger a payout on the credit-default swaps.

The KDP High Yield index was unchanged at 72.39, with a 5.12% yield. But a market source reported that the CDX North American Series 29 High Yield index was down just a shade at 107.987 bid, 108.067 offered.

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