CBRE drives by with smallish add-on; Westmoreland terms appear; Hertz skids; oilers mixed

By Paul Deckelman and Paul A. Harris

New York, Dec. 9 – Primaryside activity in the high-yield market seemed to start its year-end wind-down on Tuesday, with just one smallish new deal heard by syndicate sources to have come to market during the session – a quickly-shopped $125 million add-on to commercial real estate company CBRE Group, Inc.’s existing 2025 notes.

That was well down from Monday’s session, when some $1.85 billion of new dollar-denominated, fully junk-rated paper had priced in three tranches, including an upsized $1.5 billion two-part offering of five- and seven-year notes from consumer lending provider OneMain Financial Holdings, Inc. and a downsized $350 million of seven-year secured notes from Westmoreland Coal Co. Terms on the latter deal, which had not been released to the market when it priced on Monday, circulated on Tuesday.

Both of those deals were among the more actively traded issues of the day on Tuesday.

The busiest name in Junkbondland, a market source said, was Hertz Corp., whose 2022 notes lost ground.

Once again, there was considerable activity in oil and natural gas exploration and production names, which have been under considerable pressure lately. But unlike the past few sessions, when everything was headed down, there were some upsiders on Tuesday, namely California Resources Corp.’s several issues of widely traded bonds. But other sector names, such as Energy XXI Gulf Coast Inc. and Midstates Petroleum Co., remained on the slide

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