Domestic primary dormant; Wind Tre active; McClatchy breaks par; funds lose $1.73 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 5 – The domestic primary market was dormant on Thursday with the European market seeing the lone deal pricing of the day.

Autodis SA priced a €175 million add-on to its Euribor plus 437.5 basis points senior secured floating-rate notes due May 2022 (B2/B) at 99.5 on Thursday.

Enterprise Development Authority is believed to still be in the market with a $440 million offering of five-year senior secured notes.

However, there have been no updates on the deal since a roadshow wrapped up in the middle of the June 25 week.

The post-holiday lull in new issue activity did not take anyone by surprise, a syndicate banker said.

The secondary market was equally quiet with no new paper entering the space to spur trading volume.

Wind Tre SpA’s 5% senior secured notes due 2026 continued to see active trading on Thursday after the notes skyrocketed about 13 points on Tuesday.

McClatchy Co.’s recently priced 9% senior secured notes due 2026 (B1/B-) continued to gain strength in the secondary market with the notes trading north of par after pricing at 97.242.

Meanwhile high-yield mutual funds and exchange-traded funds again saw cash depart as $1.729 billion left during the week ended July 4, according to fund-flow statistics generated by AMG Data Services Inc.

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