TreeHouse active; Royal Caribbean, Eldorado gain; funds add $1.392 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 27 – The domestic high-yield primary market remained dormant on Thursday.

Meanwhile, the summer doldrums were also taking hold of the secondary space with many accounts checking out in the final days of the month.

While quiet, the space remained firm on Thursday as investors look to outstanding issues to put money to work with the new deal pipeline drying up.

TreeHouse Foods, Inc.’s 4% senior notes due 2028 (Ba2/BB-) continued to see heavy trading volume although the notes were largely moving sidewise.

Royal Caribbean Cruises Ltd.’s 11½% senior notes due 2025 continued to gape higher in active trading.

Colt Merger Sub Inc.’s (Eldorado Resorts, Inc.) 8 1/8% senior notes due 2027 (Caa1/CCC+) traded up to their highest level since pricing in late June.

Meanwhile, fund flows once again turned positive in the week through Wednesday’s close after sustaining the first outflow since July the previous week.

High-yield mutual and exchange-traded funds had inflows of $1.392 billion, according to the Refinitiv Lipper Fund Flow report.

Previously, they saw a nominal outflow of $301 million.

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