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Secondary liquidity dwindles; Carnival active; AMC downtrend continues; Cornerstone higher
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 28 – The primary market remained quiet on Monday, having quite likely run its course for the summer, market sources say.
Meanwhile, it was a quiet day in the secondary space as liquidity continued to dwindle with the market firmly in the dog days of summer.
“Crickets,” a source said.
Trading volumes were light on Monday and expected to progressively diminish as the week continues.
While activity was light, it was a green day for the secondary space with the cash bond market adding about 1/8 point.
Activity remained relegated to large, liquid issues with some topical news and portfolio adjustments also contributing to the volume in the space.
Carnival Corp.’s senior notes were among the most actively traded issues in the space although with little movement in price.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) continued to fall after plunging the previous session as the conversion of the company’s preferred equity units took effect.
Cornerstone Building Brands, Inc.’s 8¾% senior secured notes due 2028 (B2/B) saw some buying interest on Monday with the notes trading near their all-time highs.
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