Junk starts week mixed as energy names continue slide, other credits up; primary stilled

By Paul Deckelman and Paul A. Harris

New York, Dec. 21 – The high-yield market began the next-to-last trading week of the year on Monday on a mixed note, in contrast to the two straight lower sessions seen on Thursday and Friday.

Energy credits such as Suburban Propane Partners LP, California Resources Corp., SandRidge Energy, Inc., Blue Racer Midstream LLC and Chesapeake Energy Corp. were lower, the last company meanwhile announcing preliminary results for its partial debt exchange.

However, traders saw improvement in the non-energy part of the market, with better levels on credits such as Community Health Systems, Inc., HCA, Inc. and First Data Corp.

The new-deal market remained in its pre-holiday shutdown mode, with no new deals either announced or priced.

Market participants saw relatively thin volume levels and predicted that these would only get lighter in the run-up to Friday’s market close in observance of the Christmas holiday.

Statistical measures of junk market performance turned mixed on Monday after having been lower across the board on Thursday and again on Friday. Including the two straight higher sessions before that, Monday was the second mixed session in the last six trading days.

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