Goodyear Tire drives by, new bonds firm; new NRG, Tesoro Logistics busy; energy issues up

By Paul Deckelman and Paul A. Harris

New York, May 10 – The high yield primary market saw one dollar-denominated junk deal price on Tuesday, as Goodyear Tire & Rubber Co. did a quickly shopped $900 million of new 10-year notes.

Secondary traders said that the new bonds firmed when they hit the aftermarket.

High yield syndicate sources meantime said that liquefied natural gas company Cheniere Corpus Christi Holdings, LLC will be shopping a $1 billion eight-year issue around to potential investors.

They also said that foodservice distributor Performance Food Group, Inc. was hitting the road Tuesday with its $350 million eight-year offering.

Among recently priced credits, traders saw heavy trading, though at slightly lower levels, for Monday’s $1 billion 10-year issue from wholesale electricity producer NRG Energy, Inc.

They also saw a fair amount of trading in the day’s other new deal, energy gathering, processing, transportation and storage company Tesoro Logistics LP’s two-part transaction.

Away from the new deals, firmer oil prices helped boost oil and natural gas names such as Chesapeake Energy Corp.

Statistical market performance measures turned higher across the board on Tuesday, after having been mixed on Monday, which in turn had followed four straight sessions during which the indicators had been lower all around. Tuesday was the second higher session in the last nine trading days.

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