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Junk primary quiet to close holiday week but high-grade CF prices; funds lose $669 million
By Paul Deckelman and Paul A. Harris
New York, Nov. 10 – The high-yield primary arena closed out a holiday-shortened week on Thursday with no new dollar-denominated and fully junk-rated deals having been priced.
Instead, primaryside players watched as chemical fertilizer company CF Industries, Inc. – a nominally junk-rated company – priced $1.25 billion of investment grade-rated secured bonds, a deal which had generated some interest in Junkbondland.
Syndicate sources meantime saw Envision Healthcare Corp. preparing to hit the road to market a planned $750 million eight-year issue on Monday when the junk market re-opens after Friday’s close in observance of Veterans Day.
Existing healthcare names like Community Health Systems Inc. and Tenet Healthcare Corp. remained under pressure for a second consecutive session in the wake of Tuesday’s U.S. election results and the implications for possible repeal of Obamacare.
Statistical market performance measures turned lower on Thursday after being mixed on Tuesday and Wednesday and higher all around on Monday.
For the week, the indicators were ending mixed after two straight weeks in which the signposts had been lower. It was their third mixed week in the last six.
High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall junk market liquidity trends – stayed mired deep in the red this week, recording their fifth consecutive net outflow, as $669 million more left those weekly-reporting-only domestic funds in the form of investor redemptions than came into them during the week ended Wednesday.
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