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Carnival under water; Ford, Catalent, Prestige Brands at a premium; funds lose $228 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 11 – The domestic high-yield primary market was quiet on Thursday with just one deal pricing.
Spanish Broadcasting System Inc. priced a $310 million offering of five-year senior secured notes (expected B3/confirmed B-) at par to yield 9¾%.
In the secondary, Carnival Corp.’s new 5¾% senior notes due 2027 (B2/B+) were in focus with the notes volatile as real money and hedge funds battled over the notes.
Prestige Brands Inc.’s 3¾% senior notes due 2031 (B2/B+), Catalent Inc.’s 3 1/8% senior notes due 2029 (B1/BB-), and Ford Motor Credit Co. LLC’s 2.9% senior notes due 2028 (Ba2/BB+) were all putting in solid performances in the aftermarket with the notes trading with a premium.
Centene Corp.’s split-rated 2½% senior notes due 2031 (Ba1/BBB-/BB+) were also putting in a solid performance in the aftermarket, despite the tight pricing of the notes.
Meanwhile, fund flows returned to the red in the week through Wednesday’s close with high-yield mutual and exchange-traded funds seeing $228 million leave the space, according to the Refinitiv Lipper Fund Flow report.
The outflow comes after funds reported their first positive inflow of 2021 the previous week with $1.337 billion entering the space.
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