950819

Corporate bonds

unchanged,

trading almost nil

NEW YORK: US high-grade corporate bond prices closed unchanged Friday with almost no paper changing hands at traders headed home early for the weekend, high-grades traders said.

Spreads against US Treasuries were motionless.

"There's really nothing to talk about, we didn't move one iota, people didn't just take the afternoon off they took the morning off too," said one trader.

No new high-grade issues priced today.

The junk bond-market was also listless and unchanged, high-yield traders said.

Like high-grades, high-yield prices barely budged today, junk-bond traders said.

Turner Broadcasting System bonds were unchanged after a J.P Morgan recommendation cut to hold from buy, traders said.

Stone-Consolidated was also unmoved following news of a merger with Rainy River Forest Products and news that both major rating agency's were condsidering an upgrade of Consolidated's debt. Stone-Consolidated finished the day unchanged at 104, dealers added.

In new issues, SHL Systemhouse Inc priced $120 million of notes, lead manager Merrill Lynch & Co said.

The seven year senior subordinated notes are non-callable for four years and have a 12.25 percent coupon. The deal priced at par and was launched at $100 million and increased to $120 million.

The notes are rated B1 by Moody's Investors Service Inc and single-B by Standard and Poor's Corp.

In the governments market, the 30-year long bond closed off 1/32 at 99-21/32 to yield 6.90 percent.-Reuter