Venture Global sells upsized junk bond deal; Jefferies gains; Air Canada loses altitude

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 29 – Venture Global LNG, Inc. ruled the high-yield primary space on Thursday with a deal that nearly doubled in size from announcement to pricing.

Meanwhile, the secondary space was well bid on Thursday although volume remained light with new and recent deals continuing to dominate the tape.

Jefferies Finance LLC and JFIN Co-Issuer Corp.’s 5% senior notes due 2028 continued to gain in active trading on Thursday following a strong break the previous session.

However, Air Canada’s 3 7/8% senior secured notes due 2026 (Ba2/BB-/BB) continued to lose altitude after an initial jump out of the gate.

Outside of new issues, PBF Energy’s capital structure was making large gains in active trading after the petroleum refiner and supplier announced earnings.

Meanwhile, the trend of outflows was interrupted over the past week with high-yield mutual and exchange-traded funds adding $996 million through Wednesday’s close, according to the Refinitiv Lipper Fund Flow Report Newsline.

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