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Air Methods deal caps shortened $3 billion week; Wednesday deals busy, funds off $348 million
By Paul Deckelman and Paul A. Harris
New York, April 13 – The high-yield primary market saw just one deal price on Thursday, closing out a holiday-shortened week which saw issuance fall from week-earlier levels, the second less busy week in a row.
Air Methods Corp., a provider of air medical transportation and air tourism services, priced a downsized $500 million calendar offering of eight-year notes.
That finished out a week which saw $2.95 billion of new dollar-denominated and fully junk-rated paper brought to market in seven tranches by domestic or industrialized country borrowers.
Traders did not immediately report any initial aftermarket activity in the new Air Methods bonds, noting that by the time the deal priced Junkbondland was already winding down its activity for the day, making an early exit ahead of Friday’s scheduled full market close in observance of the Good Friday holiday.
However, they did see a hefty buzz of business surrounding the four new issues which had priced during Wednesday’s session, particularly Tutor Perini Corp.’s eight-year deal, the clear volume leader.
They also noted considerable turnover in Wednesday’s offerings from Tennant Co., Endo International plc and SNF Floerger Group.
Statistical market performance measures turned mixed on Thursday after being lower across the board on Tuesday and again on Wednesday.
Another numerical indicator – flows of investor cash into high-yield mutual funds and exchange-traded funds – turned modestly negative in the latest reporting week as $348 million left those during the week ended Wednesday, April 12.
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