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Carpenter on deck; risk-on in junk secondary; Carnival, American pare losses; Athena better
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 9 – While no deal cleared the primary market on Wednesday, there were signs of life with one more deal joining the forward calendar.
Carpenter Technology Corp. began a brief roadshow for a $300 million offering of eight-year senior notes (B2/BB+/BB) with pricing expected on Friday.
Meanwhile, the secondary space broke its losing streak with the market bouncing ¾ to 1 point as buyers returned to the space, propelled by optimism over a possible cease-fire in the Ukraine.
The hard-hit travel sector saw some relief as crude oil futures backed off their heights on Wednesday.
Carnival Corp.’s and American Airlines, Inc.’s junk bonds pared their losses in active trading, although they remain down on the week.
Several other junk bonds that sank in the recent market rout were also bid up on Wednesday as a risk-on sentiment returned to the market.
The athenahealth (Minerva Merger Sub, Inc.) 6½% senior notes due February 2030 (Caa2/CCC/CCC+) gained more than 1 point in active trading.
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