U.S. market quiet to close $5.3 billion week; Autodis, Synlab price in Europe; ServiceMaster busy

By Paul Deckelman

New York, Nov. 4 – The high-yield primary arena quieted down on Friday after a busy day on Thursday, as syndicate sources reported that no new junk-rated U.S. dollar-denominated paper came to market during the session.

All of the day’s news in the primary realm came out of Europe, the sources said.

Synlab Bondco plc, a division of the eponymous German medical and environmental laboratory services company, priced €940 million of six-year senior secured floating-rate notes, after a planned fixed-rate tranche of six-year secured paper was abandoned.

Autodis SA, a French distributor of aftermarket spare parts for light vehicles, priced €520 million of six-year senior secured notes split into a pair of equally sized €260 million tranches of fixed- and floating-rate paper.

The forward calendar grew with the addition of one European deal, as Swedish specialty chemicals company Perstorp Holding AB was heard to have begun a roadshow for its multiple-tranche offering of dollar-and euro-denominated fixed- and floating-rate notes.

Back in the domestic bond market, Thursday’s offering of new eight-year notes from ServiceMaster Co.

was the busiest issue in Junkbondland, trading at a premium to its issue price.

Statistical market performance measures were mixed for a second consecutive session on Friday; they had turned mixed on Thursday, after having been lower across the board for six consecutive sessions before that.

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