Downsized Intrepid Aviation caps busier $5.66 billion week; California Resources retreats

By Paul A. Harris and Paul Deckelman

New York, June 26 – The week ended quietly on Friday in the high-yield primary sphere, with market sources reporting one dollar-denominated, fully junk-rated issue having priced – a downsized $120 million offering from aircraft leasing company Intrepid Aviation Group Holdings, LLC.

Traders did not immediately see the new bonds in the aftermarket.

The deal brought the week’s tally of new high yield debt to $5.66 billion in 11 tranches, according to data compiled by Prospect News – more than double the $2.45 billion of such paper from domestic or industrialized-country issuers that came to market last week, ended June 19.

The week’s issuance, in turn, raised the year-to-date new deal total to $182.55 billion in 295 tranches, according to the data, running about 4.5% ahead of the primaryside pace seen last year.

Back in Friday’s Junkbondland market, traders said that recently priced deals such as those from TI Group Automotive Systems LLC and Endo International plc were mostly holding around the levels seen on Thursday.

Away from the new or recently priced issues, traders said that California Resources Corp.’s paper was being hammered down in heavy trading after a brokerage firm specializing in short-selling said the energy exploration and production company’s stock was worthless and warned that its debt would have to be restructured.

Statistical market-performance measures were seen lower across the board for a second consecutive session and for a third session in the last four on Friday.

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