Murphy caps $7.5 billion week, firms in trading; new Valvoline, Charter busy; Revlon up

By Paul Deckelman and Paul A. Harris

New York, Aug. 4 – The high-yield primary market was a little more relaxed on Friday, with syndicate sources seeing just a single medium-sized offering getting done as energy operator Murphy Oil Corp. priced $550 million of eight-year notes off the forward calendar

That represented a breather from the previous three busy sessions, which saw multiple deals totaling in the billions of dollars getting done, including some megadeal-sized offerings and two-tranche transactions.

Accordingly, the Murphy deal closed out a busier week which saw $7.54 billion of new dollar-denominated high-yield paper price – the heaviest new issuance total in Junkbondland since the end of May, according to data compiled by Prospect News.

Traders said the new Murphy bonds were actively traded once they hit the aftermarket, firming modestly.

They said Friday’s investors were mainly focused on the flood of new deals which came to market during the week, seeing considerable activity dealings in such recently priced credits as Valvoline, Inc., Charter Communications, Inc., Cornerstone Chemical Co. and Superior Energy Services, Inc.

Away from the new issues, Revlon Inc.’s bonds were busy. The cosmetics company’s 2021 notes firmed smartly on the day on brisk volume – even as its shares fell following the release of quarterly results.

Statistical market performance measures were lower across the board for a second consecutive session on Friday.

© 2015 Prospect News.
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