Level 3 jumps in trading that tops $100 million; Lumen, Embarq soften; Coinbase higher

By Cristal Cody

Tupelo, Miss., July 11 – Bonds from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc. saw heavy secondary action during the session with the notes up ¼ point to more than 4 points on trading that topped $100 million.

The issuer’s 4 5/8% senior notes due 2027 (B1/B/B+) jumped 4 1/8 points going out at 72¾ bid on $24 million of notes changing hands, a source reported.

Level 3’s 3 7/8% senior secured notes due 2029 (Ba2/BB-/BB) topped the day’s secondary action on $40 million-plus of trading on Tuesday.

The notes went out up 1¾ points at 83 bid.

Lumen Technologies’ paper declined more than 1 point in light trading.

Lumen’s 4% senior secured notes due 2027 (B3/BB-/BB) fell 1 5/8 points to 72 bid on $3.7 million of volume.

Former Lumen subsidiary Embarq Corp.’s 7.995% senior notes due 2036 (Caa2/CCC/CCC) slipped nearly ¾ point to 63½ bid on $10 million of trading, a source said.

Coinbase Global, Inc.’s 3 3/8% senior notes due 2028 (B1/B) also caught traders’ focus on Tuesday with the bonds rallying about 2 points.

The notes went out at 67¾ bid on $12 million of secondary activity, a source said.

Coinbase’s stock (Nasdaq: COIN) rallied 9.78% in heavy trading to close at $89.15.

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