Primary is quiet to close out $2.5 billion week; new NGL, Aecom, bonds active, Gastar gains

By Paul Deckelman and Paul A. Harris

New York, Feb. 17– The high-yield primary market was quiet on Friday as the junk world headed into the Presidents Day holiday weekend.

Friday’s new issuance – or, more properly, the lack of same – left the week’s total issuance of new bonds right where it had finished on Thursday, at $2.51 billion in three tranches.

Among specific issues, Thursday’s new issue from NGL Energy Partners LP and Wednesday’s offering from Aecom were the busiest high-yield issues of the day. Traders saw them little changed from where they had finished on Thursday.

There was also a fair amount of activity in last week’s deal from Halcon Resources Corp, which moved lower on the day.

Away from the new deals, traders saw Gastar Exploration Inc.’s bonds firm in active trading on the news that the energy company had obtained $425 million in new funding from Ares Capital Management LP.

Statistical market performance measures turned lower on Friday after being mixed for two sessions and previously higher for four straight trading days before that.

The indicators were meantime mixed on the week versus where they had finished last Friday, their second straight mixed week and third mixed week in the last six weeks.

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