Dollar primary quiet, euro market busy; new Viacom, Ardagh bonds active; Intelsat jumps

By Paul Deckelman and Paul A. Harris

New York, Feb. 27– The high yield primary market quieted down on Monday – or at least the dollar-denominated domestic portion of it.

Syndicate sources said there was new-deal action in the euro-denominated segment, with German industrial conglomerate ThyssenKrupp AG and French electrical equipment company Rexel SA bringing new issues to market. European metals company Nyrstar NV was heard planning to hit the road on Tuesday to market a seven-year transaction, with pricing expected later in the week.

Back in the dollar market, things were quiet, with many portfolio managers and other investment decision-makers in Florida this week for the annual J.P. Morgan High Yield Conference – although sources were saying that there could be some deals hitting the radar screens in the latter part of the week.

In the secondary realm, traders saw busy dealings in some of the new issues that came to market last week, notably the big two-part offerings from media giant Viacom Inc. and packaging manufacturer Ardagh Group.

There was also secondary market excitement away from the new-deal arena, as Intelsat SA’s various bonds moved up across the communications satellite company’s capital structure, on news reports that Japanese technology powerhouse SoftBank Group Corp. is in talks to merge its OneWeb Ltd. satellite start-up company with Intelsat – and pay down Intelsat’s hefty debt load as part of any transaction.

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