Seaspan eyes junk bonds; Carnival in focus, gains on tender offer; MultiPlan trades down

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 6 – The domestic high-yield primary saw a slow return from the extended holiday weekend with no deals pricing during Tuesday’s session.

However, Hong Kong-based Seaspan Corp. began marketing a $500 million offering of eight-year senior blue transition notes (BB-/BB).

Sources were mixed on the amount of primary market activity to expect over the course of the week.

Meanwhile, it was an equally slow day in the secondary space with trading volume light and the cash bond market largely unchanged.

With activity in new and recent issues slowing down, some outstanding issues returned to focus.

Carnival Corp.’s 11½% first-priority senior secured notes due 2023 were the most actively traded name in the secondary space following a tender announcement for the notes.

MultiPlan Corp.’s 5¾% senior notes due 2028 (B3/B-) gave back their gains from the previous week with the notes trading back down to par.

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