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Twitter softens; Ford declines; Royal Caribbean up; Carnival weakens; junk primary idles
By Paul A. Harris and Cristal Cody
Tupelo, Miss., Oct. 4 – The dollar-denominated primary market remained idle on Wednesday.
In the secondary market, Twitter Inc. bonds dropped down more than 1 point in fairly heavy trading totaling more than $17 million Wednesday, a day after climbing higher on a potential revived $44 billion takeover offer from Elon Musk.
Ford Motor Co.’s recent 6.1% senior green notes due 2032 (Ba2/BB+) turned weaker Wednesday, trading down nearly 1¼ points in strong junk market interest.
“They were definitely active today,” one source said.
The issue was quoted last trading weaker Wednesday at 91¼, 91½ after gaining Monday and Tuesday in strong secondary action.
Royal Caribbean Group’s new 9¼% senior notes due 2029 (B3/B+) improved modestly in thin secondary action Wednesday after climbing 1 1/8 points Tuesday.
Carnival Corp.’s notes were much more active over the day, another source said.
Carnival’s paper fell about ½ point to more than 1 point in heavy secondary supply. The issuer was among the most active names seen trading Wednesday.
Carnival’s 6% notes due 2029 (B3/B) dipped more than ½ point on $27.75 million of secondary action.
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