Market ends November quietly with no pricings; NGL, Mednax, Ball Corp., shopping deals

By Paul Deckelman and Paul A. Harris

New York, Nov. 30 – November came to a quiet end in Junkbondland on Monday as primaryside sources reported no pricings.

However, they were seeing several prospective deals joining the forward calendar.

Midstream energy entity NGL Energy Partners LP began shopping a $300 million five-year note issue, which is expected to price on Tuesday.

Physician services provider Mednax, Inc. will be hitting the road on Tuesday to market $500 million of split-rated eight-year notes.

From Europe came word that containers giant Ball Corp. is marketing €1.5 billion equivalent of five-year dollar- and euro-denominated notes and eight-year euro paper.

Meanwhile, Swissport Investments SA will roadshow a purely euro-denominated offering and Entertainment One Ltd. is doing a sterling deal.

Back in the dollar-denominated secondary market, Intelsat Luxembourg SA’s bonds were seen trading lower on busy volume, continuing to erode in the wake of its recently reported financial results, but with no other fresh news seen on the satellite communications company to explain the slide.

Statistical measures of junk market performance were trending higher on Monday, after having turned mixed on Friday after two higher sessions before that.

However, another numerical indicator – flows of money into or out of high-yield mutual funds and exchange-traded funds, considered a reliable barometer of overall junk market liquidity trends – was decidedly negative, showed major net redemptions of some $501 million by investors in the latest reporting week.

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