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NortonLifeLock reopens junk primary market; Carvana, Charter, Royal Caribbean climb
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 7 – After a warmup Tuesday with no new business, the primary junk bond market was finally ready to get into the swing of things on Wednesday with an announced deal from NortonLifeLock Inc.
Meanwhile, it was a strong day for the secondary space with the CDX index climbing more than 1 point and the cash bond market up 3/8 point as equities broke their rout.
Recent deals that had taken a beating in the sell-off sparked by Federal Reserve chair Jerome Powell’s Jackson Hole speech pared their losses in active trading on Wednesday.
Charter Communications, Inc. subsidiary CCO Holdings, LLC’s 6 3/8% senior notes due 2029 (B1/BB-) and Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) reversed course during Wednesday’s session.
CCO Holdings’ 6 3/8% notes broke out of its 96-handle to close the day above 97 with buying strong into the close.
Royal Caribbean’s 11 5/8% senior notes due 2027 shot back to a 99-handle in active trading.
Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) were bouncing off their lows in high volume with the notes attempting to break above a 79-handle amid the market strength.
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