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Sunnova Energy bonds jump; Altice slides; Lumen, iHeart, Ardagh soft; DISH declines
By Cristal Cody
Tupelo, Miss., May 2 – Distressed bond trading supply ramped up on Thursday with $220 million of volume by late afternoon, up from $177 million posted on Wednesday.
Sunnova Energy International Inc.’s notes were hot after the company reported first-quarter results with the bonds rallying around 5 points on more than $25 million of activity.
Sunnova Energy’s 5 7/8% senior notes due 2026 (B1/B) climbed 5¼ points to 60¼ bid, a source said.
It was a different story for bonds from Altice USA, Inc. subsidiary CSC Holdings, LLC after the company posted first-quarter figures.
CSC’s bonds slid around ½ point to nearly 5 points on more than $85 million of paper changing hands, a source said.
The 5¾% senior notes due 2030 (Caa2/CCC) dropped 2¾ points to a quote of 41½ bid.
A handful of distressed names including Lumen Technologies, Inc., iHeartCommunications, Inc., DISH DBS Corp. and Ardagh Packaging Finance plc saw their credit default swap spreads widen to more than 3,000 basis points this week, according to a Moody’s Ratings report.
DISH’s notes also moved down on Thursday after trading up in the front half of the week.
The 5¼% senior secured notes due 2026 (Caa1/CCC) fell ½ point to 78½ bid, a source said.
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