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Lumen prices; Ancestry on deck; Carnival in focus; Double Eagle flat; American Bath gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 23 – Activity in the domestic high-yield primary market was muted on Monday with one deal clearing the market.
Lumen Technologies (formerly CenturyLink, Inc.) priced an upsized $1 billion issue.
Activity is expected to remain muted for the remainder of the truncated holiday week.
However, one large offering remains on the forward calendar.
Ancestry.com is set to price its $1 billion two-tranche offering on Tuesday.
Meanwhile, the secondary space continued to grind tighter as Covid-19 vaccines “come out of the woodwork,” a source said.
New deals continued to dominate the tape with most jumping in the aftermarket.
After a meteoric break last Friday, Carnival Corp.’s 7 5/8% senior notes due 2026 (B2/B) continued their upward momentum in high-volume activity.
The company’s latest offering sparked activity in its 11½% first-priority senior secured notes due 2023, which also posted nominal gains during Monday’s session.
CP Atlas Buyer, Inc. (American Bath Group LLC)’s newly priced 7% senior notes due 2028 (Caa2/CCC+) were also trading as much as 4 points above their issue price.
However, Double Eagle’s 7¾% senior notes due 2025 (B3/B/BB-) saw a lackluster reception in the secondary space with the notes largely wrapped around par.
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