Altice, CSC bonds extend losses as paper dominates secondary; DISH securities mixed

By Cristal Cody

Tupelo, Miss., March 21 – Bonds affiliated with Altice France Holding Restricted Group and subsidiaries dominated the secondary market as investors weighed comments from Wednesday’s earnings conference call and news reports the company is engaged with financial and legal advisers.

Altice France Holding SA’s 10½% senior notes due 2027 (Caa2/CCC) have plunged over 30 points in the last two sessions.

The bonds dropped on Thursday 15 points to 38 bid on $91 million of paper traded, a source said.

Altice USA, Inc. subsidiary CSC Holdings, LLC’s 7½% senior notes due 2028 (Caa2/CCC) fell 3¾ points to 66¼ bid on $8 million of volume.

Credit default swap spreads in cable names widened this week.

CSC’s CDS spreads eased 130 basis points.

CDS spreads from EchoStar Corp. subsidiaries DISH DBS Corp. and DISH Network Corp. moved out over 170 bps.

Securities from DISH were higher but saw light trading on Thursday as Altice’s bonds crowded the market, a source said.

DISH DBS’ 7¾% senior notes due 2026 (Caa3/CC) improved 1¼ points to 68¼ bid.

Forecasts for the first rate cut by the Federal Reserve began again after the Fed left the Federal Funds rate unchanged on Wednesday.

“The outcome makes us more confident in our expectation for the first cut to come in June,” BNP Paribas Securities analysts said in a note on Thursday.

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