Primary quiet; Carnival, Hertz pare losses; Callon gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 29 – The domestic high-yield primary market was dormant on Monday with new issue activity expected to be light for the remainder of the week.

However, if market conditions remain strong, some deals are expected to surface.

Meanwhile, it was a strong day in the secondary space with the cash bond market up about ˝ point with travel and energy names leading the recovery from last Friday’s sell-off.

After tumbling in thin trading on Black Friday, Carnival Corp.’s senior notes pared their losses although the notes remained will below their previous levels.

Hertz Corp.’s recently priced 4 5/8% senior notes due 2026 and the 5% senior notes due 2029 (Caa1/B) were also on the rise after hitting their lowest outright level since pricing last Friday.

Energy names were also among the day’s gainers with Callon Petroleum Co.’s recently priced 8% senior notes due 2028 (Caa2/CCC+) on the rise as crude oil futures once again broke $70 a barrel.

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