Ryman drives by junkland; HUB megadeal on deck; United Natural Foods sinks on earnings

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 7 – The primary junk bond market was still waiting for anticipated larger transactions when a midsized deal from Ryman Hospitality Properties, Inc. priced on Wednesday.

Meanwhile, the secondary space was soft on Wednesday with Treasury yields on the rise as new supply flooded the market following the passage of the debt-limit deal, a source said.

While the cash bond market was either side of unchanged, the tone was weak with the CDX index launching the day with gains but closing with nominal losses.

There was some profit taking in the market following the gains of the previous week, a source said.

Ford Motor Credit Co. LLC’s newly priced tranches (Ba2/BB+/BB+) remained active with the notes weaker alongside the broader market.

However, United Natural Foods Inc.’s 6¾% senior notes due 2028 (B2/B-) were among the largest losers of the session with the notes off more than 5 points following disappointing numbers.

While the broader market was soft, Carnival Corp.’s senior notes were on the rise with real money accounts chasing the notes.

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