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Junk secondary a mixed bag; Charter, Royal Caribbean break down; funds out $5 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 1 – The junk bond secondary space was a mixed bag on Thursday with losses continuing to mount for the cash bond market while the CDX index snapped its losing streak.
The cash bond market fell another ½ to 5/8 point on Thursday as Treasury yields continued their climb following stronger-than-expected economic data.
Several recent issues continued a streak of mounting losses in active trading during Thursday’s session.
Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) continued a downward trend with the notes falling to a 97-handle during Thursday’s session.
Cruise lines continued to take a hit on recession concerns even as the broader market recovered with Carnival Corp.’s 5¾% senior notes due 2027 (B3/B) down more than 1 point during Thursday’s session.
Charter Communications, Inc. subsidiary CCO Holdings, LLC’s 6 3/8% senior notes due 2029 (B1/BB-) broke below the 97-handle they have largely traded on for the past two weeks.
Meanwhile, high-yield mutual and exchange-traded funds had another week of outsized outflows with $5.043 billion leaving the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows report.
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