Home Point steadies; Embarq paper posts more losses; Envision Healthcare notes quiet

By Cristal Cody

Tupelo, Miss., Sept. 21 – Home Point Capital Inc.’s notes steadied on Wednesday in light secondary action totaling more than $4 million over the day.

The 5% senior notes due 2026 (Caa1//B-) were flat at 67½ bid following Tuesday’s drop of about ¾ point on more than $17 million of volume after the company reported a much-reduced contract with UBS AG, sources said.

Meanwhile, Embarq Corp.’s 7.995% notes due 2036 (Caa2/BB/BB) declined about 4 points to 57 bid after trading as high as 59 bid earlier in the session, a source said.

The issue sank nearly 8½ points on Tuesday after giving back 6 points on Monday following a downgrade from Moody’s Investors Service.

In distressed health care paper, Envision Healthcare Corp.’s bonds were quiet on Wednesday in the secondary market after Moody’s cut the ratings on the issuer and the notes, a source said.

Envision Healthcare’s 8¾% senior notes due 2026 (C/CC) were last seen active on Monday at the 34¼ bid area, up ¾ point from Friday, a source said.

The health care sector accounted for three defaults in August, according to a report from Moody’s on Wednesday.

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