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iHeartMedia bonds ‘sloppy,’ CDS ease; pre-holiday trading thin; Diebold paper soft
By Cristal Cody
Tupelo, Miss., May 26 – Market action slowed significantly on Friday ahead of the Memorial Day weekend, though some distressed issues saw active trading over the short session.
iHeartMedia, Inc.’s bonds “have been pretty sloppy,” a source said. “They’ve been going down for sure.”
iHeartMedia’s 6 3/8% senior secured notes due 2026 (B2/BB-) went out at 75½ bid, 76½ offered, 1 point lower from the start of the week.
iHeartMedia’s credit default swap spreads also widened 180 basis points this week after easing 229 bps in the prior week.
Secondary trading, though, overall was thin ahead of the early market close.
“It was very quiet,” a source said.
Diebold Nixdorf Inc.’s notes went out more than 5 points lower on the week, a source said.
The 8½% senior notes due 2024 (Ca/CC) traded around 5 bid with accrued interest on Friday, down considerably from where the issue was seen Monday at 11 bid, 13 offered, a source said.
“It’s really cracked the last two days,” the source said.
The company faces a debt payment in June, sources reported.
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