Euro deals planned; Claire’s files bankruptcy; Frontier, Teva new issues continue slide

By James McCandless and Paul A. Harris

San Antonio, March 19 – The high-yield secondary market started the week active, as traders confirmed that the focus was on newer issues.

Meanwhile, the primary market saw no new deals get priced, although several issuers were planning euro-denominated new issues.

Among them, Chicago-based LKQ Corp. started a roadshow for a €1 billion offering of senior notes, TeamSystem Holding SpA is expected to price €750 million of senior secured floating-rate notes on Thursday and Travel and tourism company TUI AG is in the market with €400 million of seven-year notes.

Back in the secondary, Claire’s Stores, Inc. notes became active amid reports that it has filed for bankruptcy and reached a restructuring deal with its creditors.

Newer issues from Frontier Communications Corp. continued to be pushed below par.

A newer issue from Husky Injection Molding Systems Ltd. was also active

After investment firm BlackRock increased its ownership position, issues in WellCare Health Plans, Inc. became some of the most active of the session.

Intelsat SA and Sprint Corp. issues continued to take up volume.

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