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Iron ore, oil credits up on price gains; primary quiet, though TRAC Intermodal hits road
By Paul Deckelman and Paul A. Harris
New York, March 7 – Against the backdrop of a mostly quiet high yield primary market, Junkbondland saw sizable activity on Monday in energy names and iron-ore mining companies.
The latter included such credits as Australia’s FMG Resources and domestic competitor Cliffs Natural Resources Inc. Their bonds firmed smartly in very active dealings, as world iron ore prices jumped nearly $20 per ton Monday after the Chinese government said over the weekend that it will emphasize growth over economic restructuring this year – sending a signal that it will likely be buying more steel, made from iron ore.
The Chinese message also helped world crude oil markets continue their recent substantial move higher, which in turn gave a boost to such oil and natural gas credits as Continental Resources, Inc., Chesapeake Energy Corp. and Whiting Petroleum Corp.
However, one recently high-flying natural resources name – gold and copper miner and energy producer Freeport-McMoRan Inc. – was in retreat Monday across its capital structure.
In the new-deal market, there were no pricings and was only one real piece of news: TRAC Intermodal LLC, which leases big-rig truck chassis to freight shipping companies, was said to be preparing to market $485 million of second-lien notes to investors via a roadshow beginning Tuesday, with pricing expected by Friday.
Among recently priced issues, this past Friday’s offering of five-year notes from electronic games retailer GameStop Corp. was actively traded Monday, but market sources saw little movement from their issue price.
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