Carnival rally fades, new notes close under water; Carvana mixed; II-VI down

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 20 – The primary market remained quiet on Friday with the forward calendar empty as volatility continued to roil risk assets.

There was no reprieve from the volatility on the last day of the May 16 week with the market opening the day strong but closing in the red with indexes again setting new lows.

While a volatile day for the secondary space, trading activity was extremely thin.

“People just want this week to be over,” a source said.

Carnival Corp.’s new 10½% senior notes due 2030 (B2/B) dominated activity in the secondary space.

While the notes extended their rally early in the session to trade at a premium to their issue price, they were dragged as the session progressed and closed underwater.

Carvana Co.’s junk bonds were mixed.

The struggling used car e-commerce company’s new 10¼% senior notes due 2030 (Caa2/CCC) attempted a rally early in the session but closed the day largely unchanged.

However, the company’s shorter-duration 5 5/8% senior notes due 2025 (Caa2/CCC) made strong gains with the notes trading with a higher yield than their longer duration counterpart.

II-VI Inc.’s 5% senior notes due 2029 (B2/B+) saw some action during Friday’s session with the notes sinking almost 3 points.

© 2015 Prospect News.
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