Carnival sails again; Coinbase lifted in HY secondary; Altice active; Shutterfly lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 19 – Carnival Corp. was again part of the primary junk bond landscape on Tuesday with a $2 billion offering, against the backdrop of a $5.93 billion session.

Meanwhile, the secondary space was quiet on Tuesday as market players awaited the onslaught of new paper in the pipeline.

While the 10-year Treasury yield again ticked above 1.6% to close the day at 1.638%, the cash bond market was largely unchanged, sources said.

While there were some Bids-Wanted-in-Competition lists circulating the market, volume remained muted.

However, Coinbase Global, Inc.'s two tranches of senior notes (Ba1/BB+) were on the rise as bullish momentum returned to the crypto space.

Altice’s capital structure was active with several of Altice France SA’s and Altice subsidiary CSC Holdings LLC’s junk bonds seeing heavy volume.

Shutterfly Inc.’s 8½% senior secured notes due 2026 (B1/B), an off-the-run issue that rarely trades, were trading down in above-average volume.

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