Primary falls silent in short pre-holiday session; new Springleaf notes busily traded

By Paul Deckelman and Paul A. Harris

New York, Nov. 26 – Junk market participants headed home for Thanksgiving turkey and stuffing after a short, lightly attended and uneventful pre-holiday session on Wednesday.

Primaryside sources said that no new deals priced during the session, and no prospective transactions were announced.

They said that nothing would be happening with offerings already on the forward calendar – from EnTrans International, LLC, Parq Resort and Casino and Westmoreland Coal Co. – until at least the upcoming week, at the earliest.

Among recently priced issues, Tuesday’s upsized offering of five-year notes from a subsidiary of Springleaf Holdings, Inc. was among the most actively traded paper on the day, although that wasn’t saying much, given the overall light market.

There was also some trading in KLX, Inc.’s eight-year notes, which had priced on Friday, and, going back a little further, in deals from earlier in the month from Scientific Games International, Inc. and MSCI Inc.

Away from the new issues, traders said that energy-related credits such as California Resources Corp. remained under pressure amid continued weakness in oil prices, with little help on that score anticipated from this week’s OPEC oil ministers’ meeting.

Amid light volume, statistical market performance measures were higher across the board after having been mixed – though just barely so – on Tuesday and, before that, higher all around on Friday and again on Monday.

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