Williams Scotsman sole dollar deal as primary quiets; recent issues busy; Neiman Marcus up

By Paul Deckelman and Paul A. Harris

New York, Nov. 21 – The high-yield primary quieted considerably on Tuesday, as junk bond market activity began winding down ahead of Thursday’s Thanksgiving Day holiday in the United States.

Just one new dollar-denominated and fully junk-rated offering was heard by syndicate sources to have priced, as Williams Scotsman International, Inc., a producer and provider of modular storage products and temporary structures, priced $300 million of five-year secured notes.

The company’s existing notes were meantime mixed in fairly active trading.

The solitary new deal stood in contrast to Monday’s busy session, which saw six new deals collectively worth nearly $1.9 billion get done – the third consecutive session in which issuance either approached or topped the $2 billion mark.

Most of those deals were trading actively on Tuesday, including the offerings from Bombardier Inc. – repeating as Junkbondland’s single busiest credit of the day – Talen Energy Supply. LLC, Weight Watchers International, Inc. and Everi Payments, Inc.

Away from the new issues, market participants saw some upside in Neiman Marcus Group Ltd. LLC’s paper after the upscale retailer reported quarterly results and had a generally upbeat conference call.

Statistical market performance measures were higher across the board on Tuesday, after two consecutive mixed sessions before that. They had first turned mixed on Friday after having strengthened across the board last Thursday for the first time since Oct. 19, breaking a streak of seven consecutive losses.

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