Primary quiets down, closing out $2.2 billion week; new bonds mostly hold gains; AMC deal slates

By Paul Deckelman and Paul A. Harris

New York, Oct. 21 – Things were more or less back to normal in Junkbondland on Friday, traders said – just one day after investors saw a huge secured deal from wireless telecommunications company Sprint Corp. price.

No further deals priced during Friday’s session, leaving the week’s tally of new high-yield paper where it had finished out Thursday, with $2.20 billion of new U.S. dollar-denominated and fully junk-rated notes having come to market in five tranches – a clear improvement over last week, when new issuance did not even hit $1 billion.

While there were no pricings, there was some activity going on in the primary arena, notably the news that movie-theater operator AMC Entertainment Holdings, Inc. will shop a $900 million two-part subordinated note offering around to investors via a roadshow scheduled to begin on Monday.

Among recently priced names, the new Sprint secured notes, which had come to market on Thursday, were easily the most actively traded credit; they continued to hold above the 101 bid level at which they had traded in Thursday’s initial aftermarket dealings.

Statistical market performance measures were mixed for a second straight session on Friday; they had turned mixed on Thursday after being higher across the board on both Tuesday and Wednesday. Friday marked their third mixed session in the last five trading days.

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