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Junk primary quiet but crossover names active; Carnival pulls back; Citrix softer; Veritas falls
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 16 – Although the high-yield primary market put up a goose egg on Wednesday, there was activity in the crossover space.
Meanwhile, secondary trading number pulled back on Wednesday as Federal Reserve speakers and strong retail data threw water on the dovish pivot rally sparked by recent inflationary figures that came in softer than expected, sources said.
The cash bond market opened Wednesday unchanged but was dragged down 1/8 to ¼ point with equity indexes in the red.
Losses in Carnival Corp.’s capital structure outpaced the broader market with profit-taking in the name after a strong rally over the past week.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) were also softer in heavy volume.
However, Veritas US Inc. and Veritas Bermuda Ltd.’s 7½% senior secured notes due 2025 (B2/B) were among the largest losers of the session with the notes falling more than 6 points.
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