Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2021 > News item |
Morning Commentary: Warrior Met Coal secured notes on deck; Nabors trades on 101-handle
By Abigail W. Adams
Portland, Me., Nov. 19 – The domestic high-yield bond primary market continued to slow its active pace with one reported deal on deck for Friday.
Warrior Met Coal, Inc. plans price $350 million of seven-year senior secured notes with initial price talk in the low 8% area, a market source said.
Meanwhile, the secondary space was slightly soft on Friday although volume remained light outside of new deals.
Nabors Industries, Inc.’s new 7 3/8% senior priority guaranteed notes due 2027 (B3/B-/B) were in focus with the notes putting in a strong performance.
Nabors sold $700 million of the notes on Thursday at par.
In the secondary market, the 7 3/8% notes were changing hands in the 101¼ to 101¾ context early in the session.
HUB International Ltd.’s new 5 5/8% senior notes due 2029 (Caa2/CCC+) were trading with a slight premium.
The notes were marked at par ¼ bid, par ¾ offered, a source said.
HUB priced $550 million of the notes at par on Thursday.
Meanwhile, fund flows were negative on Thursday, the most recent session the information was available.
High-yield mutual funds saw outflows of $215 million while actively managed funds saw outflows of $65 million.
The outflows came on the heels of the Refinitiv Lipper Fund Flow Report, which reported inflows of $99 million to high-yield mutual and exchange-traded funds through Wednesday’s close.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.