No deals price; LeasePlan sets guidance; recent Charter busy, higher; most energy names off

By Paul Deckelman and Paul A. Harris

New York, Feb. 10 – The high-yield primary sphere was quiet on Wednesday, with no issues seen having priced and no new deals announced.

Syndicate sources did report that Dutch vehicle-leasing company LeasePlan Corp. NV had set guidance on its €1.55 billion equivalent three-part offering, which includes a dollar-denominated tranche of five-year notes as well as two tranches of euro-denominated paper, with its international roadshow set to wrap up on Thursday.

Back among the strictly dollar-denominated recent new issues, Charter Communications Inc.’s eight-year megadeal, which priced last Thursday, was the day’s busiest credit in Junkbondland, trading at firmer levels.

There was also some slight upside movement seen – though on not much volume – in the new Manitowoc Co. Inc. and Manitowoc Foodservice, Inc. notes.

Away from new or recent deals, Chesapeake Energy Corp.’s notes continued to slide after giving up some short-lived gains they had notched early in the session. Other oil and natural gas credits such as Denbury Resources Inc. and Targa Resources Partners LP were also lower, although here and there gainers such as Concho Resources Inc. were also seen.

Statistical measures of junk market performance were mixed for a second straight session on Wednesday, their fifth mixed session in the last six trading days. They had turned mixed on Tuesday after having been lower across the board Monday.

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