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Diamond Sports mixed on bankruptcy talk; distressed secondary supply thin; Coinbase up
By Cristal Cody
Tupelo, Miss., Dec. 20 – Diamond Sports Group LLC’s deeply distressed 5 3/8% senior secured notes due 2026 (Caa2/CCC-) saw strong trading supply on Tuesday that put it among the most active junk names.
The bonds were down ½ point on close to $10 million of secondary volume as chatter circulated of a possible bankruptcy from the sports broadcast group, a source said.
The secured issue was quoted at 12¾ bid and yielding more than 87%.
Diamond Sports’ 6 5/8% senior notes due 2027 (Ca/CC) improved during the session by 1½ points, going out at 2 bid on $1 million of trading, the market source said. The yield was 288%-plus.
Overall distressed secondary supply was thin over the session in pre-holiday trading with stronger trading volume seen in higher credits, a source said.
Coinbase Global, Inc.’s 3 3/8% notes due 2028 (Ba2/BB) edged up about a dime in secondary action totaling more than $8 million on Tuesday, a market source said. The issue was trading about 3¼ points lower from November on a 52 handle.
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