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Carnival drives-by, existing issues mixed; secondary extends gains; Royal Caribbean volatile
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 18 – Carnival Corp. priced Tuesday's sole high-yield deal, an upsized $2.03 billion issue of 10 3/8% 5.5-year senior priority notes (B2/B+) at 98.465 to yield 10¾%.
The drive-by upsized from $1.25 billion, with the yield printing at the tight end of yield talk (75 basis points beneath the wide end of initial guidance) and the issue price coming slightly rich to price talk.
The Carnival Holdings (Bermuda) Ltd. 10 3/8% senior priority notes due May 2028 were 98 7/8 bid, 99 1/8 offered (issue price was 98.465) late Tuesday afternoon.
Meanwhile, the secondary space saw a strong open as the risk-on sentiment of the previous session carried over to Tuesday activity.
However, the market reached its peak in early activity with the rally fading as the session progressed.
Cruise lines were in focus following Carnival’s latest pass at the junk market.
The cruise line operator’s capital structure was mixed with some notes on the rise while others were driven lower, a source said.
Royal Caribbean Group’s recently priced tranches were volatile in heavy volume with its 9¼% senior priority guaranteed notes due 2029 (B3/B+) and 8¼% senior secured notes due 2029 (Ba3/BB-) strong early in the session but closing the day unchanged to slightly weaker.
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