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Active deal calendar balloons; energy sector’s rise continues; Altice, SFR up on buyout rumors
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 16 – While no high-yield deals priced on Monday, the primary market’s active calendar ballooned with an onslaught of deals set to price before the week’s end.
OCI NV set price talk for its $1 billion equivalent dual-tranche offering of five-year senior secured notes (B1/BB-/BB-), which is expected to price on Tuesday.
Softbank Group Corp. is expected to sell a benchmark-size four-part, dual-currency offering of senior notes (Ba1/BB+) as early as Tuesday.
Fidelity & Guaranty Life Holdings, Inc., BBA Aviation, Nufarm Ltd., LSB Industries, Inc., Apergy Corp., and Conuma Coal Resources Ltd. all launched roadshows for dollar-denominated offerings.
In the European market, Piaggio & C. SpA opened the books for its deal and Samsonite Finco Sarl and Gamenet Group SpA launched roadshows for euro-denominated offerings.
The energy sector saw further gains on Monday, despite a drop in crude oil. California Resources Corp.’s 8% senior notes due 2022 were up another ¾-point.
SFR Group SA’s 7 3/8% senior secured notes due 2026 (B1/B+) and Altice SA’s 7¾% senior notes due 2022 were among the major volume movers in the secondary market on Monday.
The notes were making gains amid reports telecommunications conglomerate Bouygues was in discussions to acquire Altice’s subsidiary SFR Group.
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