Allegiant drives by; junk resumes rally post-CPI report; Charter regains par; Carnival rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 10 – The domestic high-yield primary market cleared one drive-by deal during Wednesday’s session.

Allegiant Travel Co. priced an upsized $550 million issue of five-year senior secured first-lien notes (Ba3/BB-/BB+) at a discount.

Meanwhile, the secondary space resumed its upward momentum following July’s Consumer Price Index report, which came in below expectations.

While strong, trading volumes remained thin, a product of the shortage of new paper and the season, a source said.

Charter Communications, Inc. subsidiary CCO Holdings, LLC’s recently priced 6 3/8% senior notes due 2029 (B1/BB-) remained active with the notes again returning to par after falling below the previous session.

NFP Corp.’s 7½% senior secured notes due 2030 (B1/B) also continued to rise.

Carnival Corp.’s senior notes (B3/B) outperformed the market despite a recent ratings downgrade as market players revise their recession forecasts.

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