Secondary soft, liquidity thin; AMC losses mount; Nabors down; Carnival rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 20 – The primary market remained sidelined on Monday as high-yield issuance for 2021 has likely concluded, market sources say.

Meanwhile, liquidity in the secondary space continued to thin with activity in the space expected to further decrease as the holiday-shortened week progresses.

While volumes were light, the market was soft as investors grappled with a surge in Covid cases and the expected defeat of the “Build Back Better Act.”

Nabors Industries, Inc.’s 5¾% senior notes due 2025 were under pressure alongside the broader energy sector as crude oil futures fell.

Losses continued to mount for AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-).

However, other reopening trade names were paring their losses from the previous week with Carnival Corp.’s junk bonds on the rise.

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