Primary quiet, forward calendar thin; Boyd dominates; Genworth backs off of Monday’s gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 12 – The domestic and European primary market was quiet on Tuesday with no new deals pricing and the forward calendar thin.

New issue activity may be muted due to news impacting interest rates expected from the Federal Reserve Bank, the European Central Bank and the Bank of Japan prior to Friday’s close, according to a market source.

However, a dollar-denominated deal from a European issuer is expected to launch on Wednesday, and Ardent Health Services is marketing a $535 million offering of senior notes due 2026 on a roadshow set to wrap up on Thursday.

Meanwhile, Boyd Gaming Corp.’s newly priced 6% senior notes due 2026 (existing B3/confirmed B/confirmed B+) dominated secondary market activity although the deal “was kind of a snoozer,” with the notes hovering around par, a market source said.

Intelsat SA’s junk bonds remained busy in the secondary space although the notes were backing off Monday’s gains.

Genworth Financial Inc.’s junk bonds were also coming in slightly on Tuesday after a 5 point jump on Monday after news broke the acquisition of the Richmond, Va.-based insurance company by Beijing-based China Oceanwide Holdings Group Co. Ltd. had passed a regulatory hurdle.

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