Energizer, TDC price; Calpine active; Intelsat backs off gains; $232 million exits funds

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 21 – A busy Thursday session in the high-yield new issue market saw a pair of high profile dual-currency deals price.

Energizer Holdings Inc. priced $1.25 billion equivalent of eight-year senior notes (B2/BB-) in two tranches.

Copenhagen-based TDC A/S priced about €1.4 billion equivalent of five-year senior notes (B3/B-/B-) in two tranches.

Both were heard to have gone well, a New York-based bond trader said.

Energizer’s dollar-denominated tranche dominated trading activity in the secondary space with the notes seen almost 2 points above their issue price.

In the European market, Telecom Italia Mobile priced a €750 million issue, International Game Technology plc priced a €500 million issue and Caixa Geral de Depositos SA priced a €500 million issue.

Meanwhile in trading, Calpine Corp.’s 5¼% senior notes due 2026 were active and up about ½ point on Thursday.

Intelsat Luxembourg SA’s 8 1/8% senior notes due 2023 remained active in the secondary space although the notes were down slightly after a more than 4 point gain on Wednesday.

High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall junk market liquidity trends – saw $232 million of cash exit in the week to June 20, according to fund-flow statistics generated by AMG Data Services Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.