Emergent BioSolutions, CHS notes rally; Coinbase up; Avaya, Lumen, Rite Aid decline

By Cristal Cody

Tupelo, Miss., Feb. 16 – Emergent BioSolutions Inc.’s bonds soared nearly 10 points in heavy secondary trading on Thursday following the company’s report of two major developments.

Emergent BioSolutions’ 3 7/8% guaranteed senior notes due 2028 (Caa1/B) were quoted at 65¼ bid on more than $15 million of trading, a source said.

CHS/Community Health Systems, Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) jumped 7¼ points to 67¼ bid, a source said.

Coinbase Global, Inc.’s 3 5/8% notes due 2031 (B1/BB-) improved 2¼ points to 60½ bid on more than $12 million of volume, a market source said.

In other distressed trading, Avaya Holdings Corp.’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) declined ½ point on Thursday to 26¼ bid on about $8 million of volume, a source said.

Lumen Technologies, Inc.’s notes and CDS spreads remained weak, according to market sources.

The 4½% notes due 2029 (B2/B+) fell 1 point to 53 3/8 bid on $15.8 million of trading.

Rite Aid Corp.’s bonds and CDS spreads remained under pressure, sources said.

The pharmacy chain’s 8% senior secured notes due 2026 (B3/CCC-/CCC) traded at 54¾ bid on $7 million of supply, while its CDS spreads were nearly 500 bps wider and approaching 5,000 bps.

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