Sabre upsizes, prices; Genworth soars; New Fortress at a premium; Pike flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 20 – While only one deal cleared the domestic high-yield primary market on Thursday, the month has already broken the record for the highest volume for new issuance of any August in the history of the market.

Sabre GLBL Inc. priced a massively upsized $850 million issue of five-year senior secured notes (Ba3/B).

While the month has broken records, sources predict a slowdown in new deal activity in the week ahead.

Meanwhile, it was another sidewise day in the secondary space with the market largely unchanged.

New paper remained in focus albeit with different trajectories.

Genworth Mortgage Holdings, Inc.’s 6½% senior notes due 2025 (Ba3/BB-) were in focus on Thursday with the notes skyrocketing.

While coming in from their highs, New Fortress Energy Inc.’s 6¾% senior secured notes due 2025 (B1/B+) continued to trade with a healthy premium in the secondary space.

However, Pike Corp.’s 5½% senior notes due 2028 (B3/CCC+) fell flat in active trading.

For the first time in several weeks, high-yield mutual and exchange-traded funds saw their first outflow – $301 million left the space through Wednesday’s close, according to a Refinitiv Lipper Fund Flow report.

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