Primaryside focus turned to Europe; new T-Mobile, AMC deals active; new Valeant retreats

By Paul Deckelman and Paul A. Harris

New York, March 14 – As a monster snowstorm blasted parts of the northeastern United States on Tuesday, the high-yield primary market saw a blizzard of deals denominated in non-dollar currencies as the market’s focus shifted to Europe, at least temporarily.

A trio of deals denominated in euros priced – a €600 million issue of seven-year notes from French automobile manufacturer Peugeot SA, a €500 million offering of 5.5-year PIK toggle notes from Polish telecommunications company Play Topco SA and €500 million of eight-year notes from U.S-based healthcare oriented real estate investment trust Medical Properties Trust, Inc..

There was also one sterling-denominated deal getting done, as British highway rest stop and service station operator Moto Hospitality priced a £150 million issue of 5.5-year secured paper.

The forward calendar meantime grew, as French recycling firm Paprec Holding got ready to hit the road to market a planned €225 million add-on to its existing 2022 notes. Initial guidance emerged on French engineering company SPIE’s upcoming €600 million offering of seven-year notes.

Back in the domestic new-deal junk market, nothing was heard going on – a circumstance of both the big storm and sheer exhaustion after last week’s record-breaking new issuance of more than $17.5 billion.

Elsewhere, Valeant Pharmaceuticals International Inc.’s new issue as well as its existing bonds – the latter already recently under pressure– retreated further on Tuesday.

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