Fortress on deck; selling resumes in HY secondary; Michaels volatile; Carnival hits new low

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 28 – The domestic high-yield primary market remained quiet on Tuesday with one offering on the forward calendar.

Fortress Transportation and Infrastructure Investors LLC was scheduled to wrap its roadshow for its $500 million offering of five-year senior secured notes (B2/B-), with pricing expected on Wednesday.

Meanwhile, selling pressure returned to the secondary space on Tuesday with the cash bond market off ½ to ¾ point.

While Treasuries remained stable on Tuesday, ETF selling and end-of-quarter repositioning were driving the market lower, sources said.

Carnival Corp.’s senior notes continued to lose ground under Tuesday’s heavy market conditions with the notes now below their level heading into last week’s business update.

Michaels Stores, Inc.’s notes were volatile in heavy volume with the craft store retailer’s notes, issued by Magic MergerCo, Inc., strong at the market open but closing the day unchanged to slightly softer.

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