Secondary firms as primary idles; Medline, athenahealth lifted; cruise lines under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 23 – The high-yield new-issue market stood idle on Monday, and the active forward calendar remained empty.

There was no clear indication that the becalmed primary market will reactivate ahead of the coming Memorial Day holiday weekend, sources said.

Meanwhile, it was a quiet yet firm start to the week in the secondary space.

While volume remained light on Monday, buyers were returning to the space with several badly battered credits lifted.

Medline Industries’ 5¼% senior notes due October 2029 (Caa1/B-/B-) were on the rise after closing the previous week at a new all-time low.

athenahealth Group Inc.’s 6½% senior notes due 2030 (Caa2/CCC/CCC+) also made strong gains on Monday after closing the previous week at an all-time low.

While the overall market was firm on Monday, cruise line operators were under pressure with travel and leisure companies the laggards of the session.

Carnival Corp.’s recently priced 10½% senior notes due 2030 (B2/B) remained under water during Monday’s session with the company’s 5¾% senior notes due 2027 also lower in active trading.

Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd.’s notes were also trading down during Monday’s session.

© 2015 Prospect News.
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