Omnicare, Abengoa price; Avis, Truven drive by; new DISH busy; funds jump $2.44 billion

By Paul Deckelman and Paul A. Harris

New York, Nov. 6 – Omnicare, Inc. came to market on Thursday with a $700 million two-part issue, high-yield syndicate sources said. However, the bonds priced too late in the session for any kind of meaningful aftermarket.

That was also the case with the day’s several other deals. Those were Abengoa Yield plc’s $255 million of five-year notes plus a pair of quick-to-market add-on offerings: Avis Budget Car Rental LLC’s upsized $175 million of its existing 2023 notes and Truven Health Analytics Inc.’s $40 million addition to its 2020 notes.

Wednesday’s sharply upsized $2 billion issue of 10-year notes from DISH DBS Corp. was easily the busiest deal in Junkbondland on Thursday, with volume approaching the $200 million mark as the new bonds moved up.

Away from the new deals, Molycorp Inc.’s bonds slid badly after the rare-earth mining concern reported a much wider quarterly loss amid a toxic mix of lower pricing, lower volume and higher costs.

Statistical market-performance measures turned mixed on Thursday after having been higher across the board on Wednesday.

But high-yield mutual funds and exchange-traded funds saw a third consecutive week of sizable inflows of investor cash; $2.44 billion more came into the funds than left them in the week ended Wednesday. In fact, it was the biggest such cash boost seen so far this year and pushed the cumulative fund-flows tally back into the black after several months of languishing in the red.

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