Carnival sinks pre-earnings; athenahealth falls; Fortress gains; HY funds lose $2.63 billion

By Abigail W. Adams

Portland, Me., June 23 – The domestic high-yield primary market remained dormant on Thursday with the forward calendar empty heading into Friday’s session.

However, the European market showed signs of life with 888 Holdings plc holding an investor conference call on Thursday for euro-denominated floating-rate and euro-denominated senior secured notes.

Meanwhile, the tone in the secondary space further improved with the cash bond market up ¼ point as the 10-year Treasury yield continued to decline.

Carnival Corp.’s senior notes were lower in heavy volume with the cruise line operator scheduled to report earnings prior to the open of equity markets on Friday.

The outlook is dim, a source said.

athenahealth Group Inc.’s 6½% senior notes due 2030 (Caa2/CCC/CCC+) were also lower in heavy volume.

Fortress Transportation and Infrastructure Investors LLC’s 6½% senior notes due 2025 (Ba3/B) were among the gainers of Thursday’s session.

High-yield mutual and exchange traded funds continued to see outflows with $2.625 billion leaving the space through Wednesday’s close, according to the Refinitiv Lipper US Fund Flows report.

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