Alliant prices; Carnival at a premium; Summit, Polynt-Reichhold outperform in HY market

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 20 – One issuer, Alliant Holdings, navigated the dollar-denominated high-yield primary bond market on Wednesday, landing a downsized add-on transaction.

Meanwhile, recent issues were in focus in the secondary space after a deluge of more than $5 billion flooded the sector on Tuesday.

However, with the 10-year Treasury yield hitting its highest level since May and the market awash in new paper, several of the issues were putting in lackluster performances.

Avantor Funding, Inc.’s 3 7/8% senior notes due 2029 (B2/BB-/BB) were stuck at par in active trading, despite reports that the deal was heavily oversubscribed.

While Lamb Weston Holdings, Inc. two tranches of senior notes (Ba3/BB+) struggled below par early in Wednesday’s session, they caught a bid heading into the close and ended the day flat.

Carnival Corp.’s 6% senior notes due 2029 (B3/BB-/B+) were in focus with the notes trading at a premium to their issue price.

Summit Midstream Holdings LLC and Summit Midstream Finance Corp.’s 8½% senior secured notes due 2026 outperformed with the notes trading several points above their discounted issue price.

Polynt-Reichhold’s 5 3/8% senior secured notes due 2026 (B1/BB-) continued to gain after a strong break that propelled the notes to a 101-handle.

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