Junk bonds unmoved in muted activity; Carnival eliminates gains, flat on week; AMC rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 23 – It was an uneventful day in the junk bond secondary space with the cash bond market unchanged and activity virtually nonexistent with the books for many investors closed for the year.

The Consumer Price Expenditure report, which was expected to be the last major catalyst for market movement, was a non-event with the report coming in-line with expectations, a source said.

While the market is closing 2022 well off the lows of the year, it saw its worst performance since 2008 with negative returns of about 10.5%.

There was little activity on Friday with even the large, liquid issues that have driven activity muted.

Carnival Corp.’s 10 3/8% senior priority notes due 2028 (B2/B+) were among the most actively traded issues during Friday’s session with the notes eliminating their gains from Wednesday’s rally and closing the week largely flat.

AMC Entertainment Holdings, Inc.’s 7½% notes due 2029 (Caa1/B-) recovered their losses from the previous session with the notes closing the week with strong gains following news it was walking away from a potential acquisition.

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