Euro primary sees three deals; Refinitiv lower; MDC better; Neiman Marcus, CalRes rise

By Paul A. Harris and James McCandless

San Antonio, Sept. 21 –Euro-denominated transactions grabbed the spotlight in Friday’s high-yield new issue market, with three deals clearing during the session.

Italmatch Chemicals SpA and Promontoria MCS Holding SAS both brought offerings of floating-rate notes, sized at €410 million and €120 million respectively, while Garrett Motion Inc. priced a downsized €350 million issue of eight-year senior notes at par to yield 5 1/8% to help fund its spinoff from Honeywell International Inc.

In addition, there is already a full euro calendar for the week ahead.

The secondary market closed the week focused on the newsworthy names of the week.

Refinitiv’s new dollar-denominated tranches ended lower Friday.

MDC Partners, Inc.’s bonds rose as the company expressed an interest in strategic alternatives.

Neiman Marcus Group, Inc.’s issues also gained despite a mixed second-quarter earnings report.

California Resources Corp.’s paper improved prior to a ratings upgrade.

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