PTC, Mobile Mini price; new PTC notes jump; U.S. Steel, HanesBrands stay busy; oil names off

By Paul Deckelman and Paul A. Harris

New York, May 4 – The high-yield new-deal market saw a pair of pricings on Wednesday totaling $750 million of new dollar-denominated, fully junk-rated paper.

PTC, Inc. came to market with $500 million of eight-year notes that priced as a regularly scheduled forward calendar offering.

When those new bonds hit the aftermarket, traders said the deal was one of the day’s busiest credits, zooming by more than 2 points from their issue price.

The session’s other pricing was a quickly shopped $250 million of eight-year notes from Mobile Mini, Inc. Traders later quoted the bonds a little higher, though on limited trading volume.

They meantime saw considerable activity in some of the paper that had priced during Tuesday’s session.

United States Steel Corp.’s new five-year notes were once again the most actively traded credit in Junkbondland after having held that same distinction after pricing Tuesday. On Wednesday, they hung in around the firm levels seen on Tuesday.

Both tranches of apparel maker HanesBrands, Inc.’s new megadeal were also actively traded, firming on the session.

Away from the new deals, oil and natural gas names such as Chesapeake Energy Corp., Continental Resources, Inc., Freeport-McMoRan Inc. and California Resources Corp. were lower amid mixed crude oil prices against a backdrop of continually rising crude oil stockpiles.

Statistical market performance measures were lower across the board for a second consecutive session on Wednesday.

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