Primary silent pre-holiday; new Williams Scotsman busy, better; CalRes up as crude jumps

By Paul Deckelman and Paul A. Harris

New York, Nov. 22 – Junkbondland saw a quiet, abbreviated session on Wednesday heading into Thursday’s Thanksgiving Day holiday in the United States, when fixed-income markets would be closed.

As expected, no news came out of the primary market, whose forward calendar had mostly been cleared by several sessions of intense new-deal activity averaging some $2 billion of pricings per day at the end of last week and the beginning of this week.

The one dollar-denominated deal left over on the active calendar after that multi-session bond binge – a $500 million five-year secured issue from Pittsburgh-based vitamin and health supplements retailer General Nutrition Centers, Inc., which was marketed to potential investors via roadshow earlier in the month, but with nothing heard from since then – has now been pushed off to the coming week.

Several euro-denominated offerings were meantime seen as possible pricings in the coming days.

Tuesday’s new $300 million deal from Williams Scotsman International, Inc., a producer and provider of modular storage products, office trailers and temporary structures, was the sole recent offering seen trading on any kind of volume on Wednesday. Traders saw those five-year secured notes having firmed smartly by several points from their par issue price.

Elsewhere, energy sector bellwether name California Resources Corp.’s bonds were up sharply in heavy trading, coinciding with a renewed surge in world crude oil prices.

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