No pricings; downsized inVentiv deal, Steak n Shake on tap; energy names jump on oil rise

By Paul Deckelman and Paul A. Harris

New York, Sept. 28 – The high-yield primary market saw yet another quiet session on Wednesday, with no dollar-denominated and fully junk-rated issues having priced during. It was the second such shutout over the last three trading days.

Syndicate sources blamed the drought on the quarter-end earnings blackout and the impact of a Deutsche Bank bond conference going on in Arizona this week.

But they said that at least two new deals are expected to come to market during Thursday’s session: health-care industry services provider inVentiv Group Holdings, Inc.’s downsized $670 million of eight-year notes and restaurant chain operator and franchisor Steak n Shake, Inc.’s $400 million of seven-year secured paper.

They also said that broadcaster CBS Radio Inc. began shopping a new eight-year deal around to potential investors.

Alcoa, Inc. once again dominated activity among recently priced issues, with both halves of the aluminum producer’s two-part megadeal seen having firmed smartly.

Away from the new deals, energy names such as California Resources Corp., Whiting Petroleum Corp. and Chesapeake Energy Corp. were solidly higher on Wednesday, in line with a jump in world crude oil prices on the news that OPEC member states have reached a preliminary agreement on curbing oil production in order to strengthen prices.

Statistical market performance measures turned higher across the board on Wednesday, after having been mixed over the previous three sessions.

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