Freeport-McMoRan, Boise Cascade price; Macy’s rises; Diebold pushes higher; Carnival positive

By James McCandless and Paul A. Harris

San Antonio, July 13 – The July 13 week got underway to a strong and steady news flow in the high-yield primary market, while the secondary space opened the week with a positive trend around top traders.

Two ultra-familiar high yield names came with drive-by deals.

Freeport-McMoRan Inc. priced an upsized $1.5 billion amount of senior notes (expected ratings Ba1/BB) in two tranches.

And Boise Cascade Co. priced a $400 million issue of 10-year senior notes (Ba2/BB-) at par to yield 4 7/8%.

In the secondary, Macy’s, Inc.’s notes were on the rise after a subsidiary announced the early results and extensions for its exchange offers.

Meanwhile, Diebold Nixdorf, Inc.’s recent issues pushed higher in the second full trading day since pricing last week.

In the travel space, Carnival Corp. & plc and Royal Caribbean Cruises Ltd.’s paper was positive.

Housewares marketer Tupperware Brands Corp.’s notes picked up steam as it receives a ratings upgrade.

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