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European bonds dominate session; Paragon deal on tap; prices ease; funds gain $107 million
By Paul Deckelman and Paul A. Harris
New York, July 10 – The high-yield primary sphere shifted most of its focus to Europe on Thursday as British and continental borrowers tapped the junk market with several new euro- and sterling-denominated offerings.
Issuers included Fiat SpA, Dufry Group SCA, CMC di Ravenna, Iceland Foods and TSL Education Group Ltd.
The dollar-denominated segment, meanwhile, fell silent, with syndicate sources reporting that no deals had priced by the market close, in contrast to Wednesday, when there were two offerings of new dollar-denominated and fully junk-rated paper totaling $850 million.
However, market participants were getting ready for a $1.19 billion two-part offering from Paragon Offshore Ltd., which is expected to price during Friday’s session.
Among the deals that have already priced, traders saw considerable activity in Wednesday’s offerings from energy operator Summit Midstream Partners, LP and from television station group owner Sinclair Broadcast Group, Inc.
There was also active trading going on in Tuesday’s gigantic new two-part transaction from power generating company Calpine Corp.
Overall, traders saw a softer junk secondary market, and statistical market-performance indicators turned lower across the board after having been mixed on Wednesday.
However, another indicator – the flow of cash into or out of high-yield mutual funds and exchange-traded funds, considered a good barometer of overall junk market liquidity trends – was higher for a third consecutive week, continuing to bounce back from a relatively rare recent negative reading.
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