LABL/Multi-Color at a premium; Intelsat jumps on merger talks; DISH bounces

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 29 – The European high-yield new-issue market was active on Wednesday as Nexans SA priced an upsized €400 million issue (from €325 million) of five-year senior sustainability-linked bullet notes at par to yield 5˝%, through price talk.

The dollar-denominated primary market remained inactive. Barring a $700 million-plus burst of combined issuance during the Thursday and Friday sessions (not impossible, sources say) March will end with less than $5 billion of new junk issuance.

Not surprisingly March issuance, at $4.25 billion to Wednesday's close, is poised to be the new year's lowest total monthly issuance.

Meanwhile, it was a strong day in the secondary space with positive earnings helping to lift market sentiment ahead of a heavy slate of economic data.

LABL, Inc.’s, which does business as Multi-Color Corp., 9˝% senior secured notes due 2028 (B2/B-) were trading at a healthy premium to their issue price although the notes closed off their highs.

Intelsat Jackson Holdings, SA’s 6˝% first-lien secured notes due 2030 (B3/B+) outshined the market with news the satellite company was in merger talks catapulting the notes 6 to 7 points higher.

The merger talks also helped lift DISH Network Corp.’s badly battered capital structure with the satellite broadcaster’s senior notes jumping 1 to 3 points.

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