CURO, HUB and Nabors price junk; Hertz in focus; Venture Global gains; WMG above issuance

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 18 – CURO Group Holdings Corp., HUB International Ltd. and Nabors Industries, Inc. each sold a single tranche in the high-yield primary market on Thursday.

One deal was upsized, one was downsized and one was accelerated.

Meanwhile, the secondary space was again largely unchanged on Thursday with new and recent deals continuing to dominate the tape.

Hertz Corp.’s two tranches of senior notes (Caa1/B) were in focus with both putting in strong performances in the aftermarket.

Venture Global Calcasieu Pass LLC’s 3 7/8% senior notes due 2033 (Ba3/BB) continued to gain in active trading.

WMG Acquisition Corp.’s 3¾% senior secured notes due 2029 (Ba3/BB+) were also trading at a slight premium to their discounted issue price.

Meanwhile, funds continued to enter the space albeit at a reduced pace with high-yield mutual and exchange-traded funds adding $99 million in the week through Wednesday’s close, according to Refinitiv Lipper Fund Flow Report.

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