NortonLifeLock prices; Royal Caribbean reclaims par; junk funds out $2.28 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 8 – The primary market successfully moved its first post-Labor Day issue through pricing on Thursday as NortonLifeLock Inc. left the day with an upsized offer that did well against talk.

Meanwhile, it was another green day in the secondary space with the cash bond market up another 3/8 to ½ point for no reason in particular, sources said.

The risk-on sentiment remained firm with several lower quality credits lifted during Thursday’s session.

Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) continued their upward momentum with the notes reclaiming par in active trading.

Live Nation Entertainment, Inc.’s 3¾% senior secured notes due 2028 (B1/B+) jumped more than 2 points in heavy volume.

Tenneco Inc.’s 5% senior notes due 2026 (Caa1/B) jumped more than 3 points in active trading after the vehicle parts manufacturer issued a conditional call for the notes.

Meanwhile, high-yield mutual and exchange-traded funds saw their third consecutive week of multibillion-dollar outflows.

Funds lost $2.28 billion in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.

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