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Giant-sized Ziggo deal, Cincinnati Bell close out $9.84 billion week; Concordia gets clobbered
By Paul Deckelman and Paul A. Harris
New York, Sept. 16 – The high-yield primary sphere ended the week on a high note Friday, bringing slightly more than $3 billion of new U.S. dollar-denominated and fully junk-rated paper to market in three tranches, the most new paper of any session this week.
The big deal of the day came from Dutch telecommunications and cable operator Ziggo Holding BV. Through a pair of subsidiaries, it priced $2 billion of dollar-denominated senior secured 10-year notes, €775 million of secured euro-denominated notes, and $625 million of 10-year unsecured paper.
Traders said that both dollar tranches of the new Ziggo paper traded slightly below their shared par issue price, on heavy volume.
The day’s other transaction also came from the communications sphere, as Cincinnati Bell Inc., a telephone service provider in the Midwestern United States, came to market with $425 million of eight-year notes.
Those notes were solidly higher in busy aftermarket dealings.
Traders said that that the market’s main focus was trading in new and recently priced issues, including Thursday’s offering from Callon Petroleum Co. and Wednesday’s new deals from Allison Transmission, Inc. and IMS Health, Inc.
Away from the new issues, Canadian pharmaceuticals manufacturer Concordia International Corp. was a major mover on the downside on Friday, losing as much as 10 points on the news that the British government is enacting new legislation aimed at preventing drug companies from drastically raising prices on their medications.
Statistical market performance measures turned lower across the board on Friday, after having been mixed on Thursday and down for two sessions before.
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