Carnival upsizes, jumps in aftermarket; Double Eagle, American Bath price; Frontier active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 20 – The domestic high-yield primary market capped off a busy week with three issuers pricing four tranches.

Carnival Corp. priced an upsized dual-currency offering (B2/B) early Friday. The notes were in demand during bookbuilding and in the aftermarket with the dollar-denominated notes jumping after breaking for trade.

CP Atlas Buyer, Inc. (American Bath Group LLC) and Double Eagle also cleared the primary market on Friday.

Meanwhile, it was another sideways day in the secondary space with the overall market largely unchanged, sources said.

Frontier Communications Corp.’s recently priced two tranches of senior notes were in focus and trading at premiums to their issue prices.

However, the second-lien notes outperformed their first-lien counterpart with accounts chasing the higher yield.

Medical Properties Trust, Inc.’s split-rated 3½% senior notes due 2031 (Ba1/BBB-) gained momentum on Friday after a lackluster break.

In contrast, Sinclair Broadcast Group, Inc.’s new 4 1/8% senior secured notes due 2030 (Ba2/BB) were losing steam in the aftermarket after a strong break.

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