Junk calendar dwindles; ADT weakens; Centerfield, Strathcona, Healthcare Royalty at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 16 – The domestic high-yield primary market saw one deal price during Friday’s session.

CURO Group Holdings Corp. was the sole issuer to tap the market with its $750 million issue of seven-year senior secured notes (B3/B-).

While McGraw-Hill Education, Inc./MAV Acquisition Corp.’s $2.03 billion two-tranche offering is the sole deal on the forward calendar, the week ahead could be busy with sources speculating about several potential issuers.

Meanwhile, the secondary space was again soft on Friday although volume outside of new issues was light.

ADT Inc.’s 4 1/8% first-priority senior secured notes due 2029 (Ba3/BB-) were among the most actively traded in the secondary space.

While the notes continued to trade with a slight premium to their issue price, they were losing steam as the session progressed.

Strathcona Resources Ltd.’s 6 7/8% senior notes due 2026 (B3/BB-/B+) were trading at a decent premium to their discounted issue price.

However, Healthcare Royalty, Inc.’s 4½% senior notes due 2029 (B2//BB) and Centerfield’s 6 5/8% senior notes due 2026 (B2/B) outperformed with both trading up to 2 points above their issue prices.

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