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European primary active; Comstock gains; Spectrum drops; funds see $2.49 billion outflow
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 26 – While the calendar of dollar-denominated issuance cleared for the week, the European primary market remained active with three deals pricing on Thursday.
La Financiere Atalian SAS priced a €610 million equivalent issue of seven-year senior notes (B2/B+) in two tranches.
Fedrigoni priced a €455 million issue of three-month Euribor plus 412.5 basis points senior secured floating-rate notes due Nov. 30, 2024 (B2/B+) at par.
Refresco Group NV priced a €445 million issue of eight-year senior notes (Caa1/B-) at par to yield 6½%.
The dollar-denominated primary market is in the throes of an earnings season blackout which is set to linger into the April-May crossover week ahead.
Away from the new deals, Comstock Resources Inc.’s 10% senior secured toggle notes due 2020 gained 2.5 points on Thursday after the independent energy company withdrew its tender offer for the notes and announced a new investment in the company.
Spectrum Brands Inc.’s 5¾% senior notes due 2025 were down 2 points after the diversified company reported disappointing second quarter earnings prior to the market open.
While the market was seen as firmer on Thursday, the dedicated high yield bond funds sustained $2.489 billion of net outflows for the week ending Wednesday, April 25.
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