WeWork notes drop; First Republic, CURO down; Huntington Bancshares, WW see gains

By Cristal Cody

Tupelo, Miss., April 11 – WeWork Inc.’s notes moved lower on Tuesday in active trading as its stock hit a new record low, sources reported.

WeWork’s 7 7/8% senior notes due 2025 (CC/C) traded more than 3 points lower at 43 bid, 44 offered.

Bank and finance paper in the distressed space was mixed.

First Republic Bank’s 4 3/8% subordinated notes due 2046 (B2/B-) gave back another point to hit 52 bid, 54 offered after softening 1 point on Monday.

While the yield remained below 10%, “it’s trading at a distressed price,” the source said.

Huntington Bancshares Inc.’s 5.7% series E fixed-to-floating rate non-cumulative perpetual preferred stock (Baa3/BB+) was seen about ½ point better at 86 bid, 87 offered after softening more than 1¼ points on Monday.

Meanwhile, CURO Group Holdings Corp.’s 7½% senior secured notes due 2028 (Caa1/CCC+) fell ½ point to 40 bid on $10 million of trading on Tuesday as one of the most active issues, a source said.

WW International Inc.’s bonds were “not doing much today” with the 4½% senior secured notes due 2029 (B1/B) up about ½ point at 53 bid, 54 offered, but the company’s stock surged 59% on the day, a trader said.

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