Primary closes inactive week; oil names up, Cheniere unit off as Harvey nears; grocers down

By Paul Deckelman and Paul A. Harris

New York, Aug. 25 – The high-yield primary market stayed quiet on Friday, syndicate sources said, finishing out a week in which no new deals were introduced or priced – the first completely empty week in more than a month.

In the secondary market, traders said the lack of new primary supply was a factor causing prices to firm – but they said that Friday volume was light.

Among recently priced new issues, electric car maker Tesla, Inc.’s bonds continued to firm but volume in the credit dried up after a week of active trading.

The approach of Hurricane Harvey towards the Texas Gulf Coast helped push crude oil prices up on the likelihood of disruption of oil and natural gas production in the area, helping energy names such as sector bellwether California Resources Corp. to firm.

However, the bonds of Cheniere Corpus Christi Holdings LLC – whose liquefied natural gas facilities lie right within the storm’s path – were sharply lower in active trading Friday.

Supermarket names such as Fresh Market Inc., Ingles Markets Inc., Albertsons Cos. LLC and SuperValu, Inc. retreated for a second session after retailing behemoth Amazon announced plans to cut prices on many items at Whole Foods Market once its acquisition of the upscale supermarket chain closes.

Statistical market performance measures were higher across the board for a second consecutive session on Friday.

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