Secondary gives back gains; Carnival under pressure; Medline falls; Wynn Macau lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 28 – The high-yield new-issue market remained inactive as the post-Thanksgiving week got underway on Monday.

Meanwhile, it was a red day in the secondary space as the market gave back some gains from the previous week.

The cash bond market was off ¼ to ½ point as protests in China, contagion in the crypto world and end-of-month cleanup pressured the market.

While the market was soft on Monday, volume remained light with large liquid issues dominating the tape.

Carnival Corp.’s junk bonds were again the market laggards with the notes down 1 to 3 points in heavy volume.

Medline Industries’ junk bonds gave back some gains after a strong post-earnings uptrend with the notes falling 1½ to 2 points in active trading.

Wynn Macau Ltd.’s junk bonds were among the largest gainers of Monday’s session with the notes jumping 4 to 6 points in active trading after license renewals alleviated a key risk weighing on the company’s capital structure.

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