Carnival in focus post earnings; SVB falls; Square rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 27 – The dollar-denominated high-yield primary market remained dormant on Monday, for the 17th consecutive session, matching the length of the Covid shutdown during the late winter and spring of 2020, market sources say.

The euro-denominated high-yield market continues to trickle news.

Nexans was scheduled to participate in conference calls with fixed-income investors on Monday.

The Paris-based manufacturer of copper and optical fiber cable products is contemplating bringing its inaugural sustainability-linked deal which would come in the form of a €325 million offering of five-year senior SLB notes, subject to market conditions.

Meanwhile, it was a quiet day in the secondary space with trading activity light as market players assess their next move in an uncertain market.

With few making moves on Monday, topical news was the driving force of activity in the space.

SVB Financial Group’s senior notes were lower following First Citizens deal to acquire the deposits and loans of Silicon Valley Bank.

Carnival Corp.’s senior notes were on the rise after a surprise earnings beat although enthusiasm waned as the session progressed with the notes closing well off the highs of the day.

Block Inc.’s, formerly known as Square, Inc., 3½% senior notes due 2031 pared their losses from the previous week when a short-seller report sparked heavy selling in the name.

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