Carnival ‘gaps’ higher in junkland; Weatherford gains continue; NCR lifted; Xerox losses mount

By Abigail W. Adams

Portland, Me., Oct. 26 – The domestic high-yield primary market saw another quiet session with the calendar empty heading into the final days of the October.

In Europe, Cirsa Finance International Sarl priced an upsized €425 million of 10 3/8% senior secured notes due 2027 (B3/B-) on Wednesday at 98.105 to yield 10 7/8%, according to a market source.

Meanwhile, the secondary space extended gains on Wednesday although selling pressure dragged the market off the intraday high heading into the market close.

Carnival Corp.'s capital structure “gapped higher” amid the market strength early in the session although its senior notes also closed off the highs of the day.

Earnings continued to drive activity in the space with Weatherford International Ltd.’s 8 5/8% senior notes due 2030 (B3/CCC+) continuing their upward momentum after a strong report.

While volume was light, NCR Corp.’s senior notes were also on the rise post-earnings with investors expressing renewed confidence in the company after it clarified its capital structure goals.

And losses continued to mount for Xerox Holdings Corp.’s senior notes following a disappointing earnings report.

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