Royal Caribbean, Carnival notes active; Bed Bath & Beyond up; Credit Suisse improves

By Cristal Cody

Tupelo, Miss., Oct. 18 – Royal Caribbean Group’s and Carnival Corp.’s junk notes traded heavily on Tuesday following Carnival’s new $2.03 billion bond deal priced over the session.

Carnival’s paper was mixed on more than $178 million of secondary action, a source said.

The cruise line operator’s 6% notes due 2029 (B3/B) went out flat at 65½ bid and a 14.3% yield on more than $19 million of bonds changing hands.

Bed Bath & Beyond Inc.’s senior notes traded about ½ point to 1 point higher in the teens up to a low 30s handle after the distressed retailer announced exchange offers for the bonds, a source said.

Bed Bath & Beyond’s 4.915% senior notes due 2034 (C/CC) were quoted at 14 bid, up about ½ point.

The 3.749% senior notes due 2024 (C/CC) were moving about 1 point better with a 31 handle.

Credit Suisse Group AG’s perpetual paper rallied about 3½ points to more than 4 points over the day.

The 5¼% perpetual notes (Ba3/B+) climbed 3½ points to 71¾ bid with the issue among the company’s most active during the session on $5.56 million of volume, a source said Tuesday.

Credit Suisse’s 6 3/8% perpetual notes (Ba3/B+) jumped 4¾ points to 74¾ bid by the end of the day on $2 million of volume.

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