Nordic primary active; Garrett on tap; First Quantum, DaVita down; funds add $97 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 30 – While the domestic primary market remained dormant on Thursday, there was signaling of the active weeks that lay ahead with one deal joining the forward calendar.

Garrett Motion Inc. plans to issue $510 million equivalent of senior notes (B2/B) in the return from the Labor Day holiday.

While the major currencies continued to take a breather, the Nordic market was busy. Ship Finance International Ltd. announced it placed NOK 600 million in five-year senior notes.

Netherland's-based Veritas Petroleum Services BV and Norway-based Odfjell Group plan to hold fixed-income investor meetings to be followed with possible offerings.

Meanwhile, the secondary space remained quiet with light trading volume ahead of the holiday weekend.

First Quantum Minerals Ltd.’s junk bonds continued to lose ground in active trading on Thursday due to the plummeting cost of copper.

DaVita Inc.’s junk bonds were also under pressure as California seeks to enact legislation limiting the amount the dialysis center operator can charge customers.

After a large drop on Wednesday, Digicel Group’s junk bonds rebounded Thursday with some notes up as much as 4 points.

Meanwhile, high-yield mutual funds and exchange-traded funds continued their streak of inflows for the week ended Aug. 29, adding $97 million, according to fund-flow statistics generated by AMG Data Services Inc.

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