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Morning Commentary: Ithaca Energy on roadshow as headline noise, European holidays chill market
By Paul A. Harris
Portland, Ore., May 8 – In an otherwise quiet new issue market, Ithaca Energy (North Sea) plc (B3/B) began an international roadshow on Tuesday for a $350 million offering of five-year senior notes.
Initial price talk is in the low 9% area, a trader said.
The debt refinancing deal is set to price during the May 14 week.
Joint bookrunner Barclays will bill and deliver. Deutsche Bank, BNP Paribas, RBC and Wells Fargo are also joint bookrunners.
Activity in the new issue market is muted ahead of an expected announcement from president Donald Trump regarding the possible abandonment of an agreement between Iran and the United States whereby the United States eased economic sanctions on Iran in exchange for Tehran limiting its nuclear program, a syndicate banker commented.
However, the new deal machine ought to restart later in the week, the source added.
Meanwhile, holiday weeks in various European countries are expected to crimp new deal activity there, a London-based debt capital markets banker said on Tuesday.
Gaming & Leisure tops par
At mid-morning, the split-rated bonds issued Monday by Gaming & Leisure Properties, Inc. were off their early Tuesday highs but nevertheless were trading at premiums to new issue prices, a trader said.
The GLP Capital, LP/GLP Financing II, Inc. 5¼% senior notes due June 1, 2025 were par ¼ bid, par ½ offered, while the 5¾% senior notes due June 1, 2028 were par 1/8 bid, par 3/8 offered, both down 1/8 point since early Tuesday.
The $1 billion bullet deal (Ba1/BBB-) came in two $500 million tranches, both of which priced at par.
The high-yield energy sector was softer against a backdrop of weaker crude oil prices.
The bellwether California Resources Corp. 8% senior secured second-lien notes due 2022 were 89¼ bid, 90 offered, down from 90 bid, 90½ offered on Monday.
The barrel price of West Texas Intermediate Crude was sharply lower at $68.48, down $2.25 or 3.18%, on Tuesday morning.
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