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Royal Caribbean drives by, recent issue falls; Citrix weakens; HY funds out $1.66 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 22 – Royal Caribbean Cruises Ltd. sold a two-part transaction in the Thursday junk bond market in a drive-by execution.
Meanwhile, selling pressure in the secondary space intensified on Thursday with the cash bond market down ¾ point and returns for the ICE BofAML US High Yield index again blowing out to a negative 12% handle.
While there was an uptick of activity in the secondary space on Thursday, the selling activity that did take place was orderly, a source said.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) were weaker in heavy volume although they remained at a premium to their discounted issue price.
Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) were taking a hit on the heels of the company’s latest offering with the notes falling back below par after reclaiming a 101-handle the previous session.
Embarq Corp.’s (Lumen Technologies Inc.) 7.995% senior notes due 2036 (Ba2/BB) continued their downward spiral with the notes now down 20 points on the week.
Meanwhile, high-yield mutual and exchange-traded funds continued to see funds leave the space with outflows of $1.663 billion in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows report.
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