No dollar deals price, Murphy Oil slates; new MGM Growth, Builders, Veritas issues active

By Paul Deckelman and Paul A. Harris

New York, Aug. 10 – The high-yield primary market slowed markedly on Wednesday, with syndicate sources seeing no new dollar-denominated and fully junk-rated bonds pricing during the session.

The day’s only real news in the new-deal precincts was energy operator Murphy Oil Corp.’s announcement that it will sell $500 million of eight-year notes and use the proceeds to repay its existing 2017 notes.

With no fresh new deals having priced, traders said the market’s attention largely swung to aftermarket trading in a number of recently priced offerings.

They saw active dealings in some of the paper which had come to market on Tuesday, including the eight-year notes from construction materials manufacturer Builders First Source Inc. and the 10-year paper from gaming REIT MGM Growth Properties LLC.

There was also brisk activity in the bonds of Veritas Technologies LLC that dealers holding that paper had put on the market on Tuesday.

Away from the recently priced deals, traders saw a second straight day of gains in busy activity for Valeant Pharmaceuticals International Inc. following the drug maker’s release of second-quarter financial notes and guidance going forward, although those gains were considerably smaller than those seen on Tuesday

Statistical market performance measures were higher across the board for a fifth straight session on Wednesday; they had first improved last Thursday and then stayed higher in the subsequent sessions as well after having been mixed over the previous four consecutive trading days.

© 2015 Prospect News.
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