Upsized PQ Corp. prices, new bonds jump, Trilogy also prices, recent deals trade well

By Paul Deckelman and Paul A. Harris

New York, April 25 – After a one-day hiatus on Monday that saw no new dollar-denominated, fully junk -rated bond deals price – the first such goose egg seen in the market since April 1 – the high yield primary sphere got back into its groove on Tuesday, pricing a pair of regularly scheduled forward calendar offerings totaling a face amount of $1.075 billion.

The big deal of the day was specialty chemicals manufacturer PQ Corp.’s upsized $625 million issue of 6.5-year secured paper.

Traders said that those bonds surged right out of the gate when they were freed for secondary market dealings, and the new issue was Junkbondland’s most active credit on the day.

Also coming to market on Tuesday was international wireless telecom provider Trilogy International Partners LLC, which did a $450 million three-year note issue.

With the new PQ bonds leading the way, other new or recently priced deals from issuers Regional Care Hospital Partners’ Holdings, Inc., Fresh Market, Inc., Protection 1 and Altice NV were all seen doing better.

Away from the new issues, Freeport-McMoRan Inc.’s bonds were seen mostly lower after the metals mining and energy company reported a wider year-over-year net loss in the first quarter and less-than-expected revenues.

Statistical market performance measures turned mixed on Tuesday, after having been lower across the board on Monday, their first such setback since April 7. It was the third mixed session in the last four trading days.

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