Domestic primary quiet; OTE shops deal; Whiting issue up on call; Intelsat loses altitude

By Paul Deckelman

New York, Nov. 24 – The high-yield primary market was quiet on Tuesday heading towards the Thanksgiving Day holiday break later this week in the United States.

Market participants saw no dollar-denominated, fully junk-rated paper having priced during the session, versus the $300 million that got done in one tranche on Monday when builder M/I Homes Inc. priced a quickly shopped offering of five-year notes. They also reported a dearth of fresh news about the sector.

What news the new-deal sphere generated came from Europe.

Greek telecommunications company Hellenic Telecommunications Organization SA, also known as OTE SA, was shopping a €300 million issue of four-year bonds around, with proceeds slated to fund its tender offer for two series of existing paper.

Meantime, aviation services provider Swissport Group – which has been lining up bank financing in connection with the pending buyout of the company – was heard to have added a planned offering of euro-denominated secured notes to its financing mix.

In the secondary arena, traders saw relatively light trading in the new M/I Homes bonds and in such other recently priced offerings as LifePoint Health, Inc. and Constellation Brands, Inc.

Away from the new deals, Whiting Petroleum Corp.’s 2019 notes firmed smartly in active trading after the energy operator announced plans to redeem those notes next month.

Intelsat SA’s bonds were off after the satellite communications company’s shares hit a new 52-week low.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.