One of the most highly anticipated recessions ever is looming over the economy, and yet consumers — especially millennials — are still splurging on travel, services and entertainment. 

Companies that attract discretionary spending on things like vacations, dining and concerts are generally some of the first to suffer when consumers tighten their belts. But right now, such businesses are thriving. 

Bonds for American Airlines, cruise line operator Carnival and beauty products retailer Bath & Body Works (formerly L Brands) are among the highest trading bonds in the high yield index currently in terms of dollar price, according to a 9fin screener.