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Credit Suisse notes improve, CDS spreads widen; Rite Aid declines, CDS spreads gap out
By Cristal Cody
Tupelo, Miss., Oct. 6 – Credit Suisse Group AG’s junk notes saw some relief in the secondary market on Thursday, while its credit default swap spreads ended the week more than 150 basis points wider.
Credit Suisse’s 7½% perpetual notes, which gave back about 3¾ points on Wednesday, improved about 2 points to 85 bid on Thursday, a market source said.
The issue was trading down more than 5 points on the week.
Credit Suisse’s CDS spreads, meanwhile, widened 173 bps this past week ended Wednesday to 435 bps, a Moody’s Investors Service report showed.
In other distressed paper, Rite Aid Corp.’s bonds and its CDS spreads saw continued pressure this week.
The 8% senior secured notes due 2026 (B3/CCC-/BB-) went out down more than 2 points in thin trading on Thursday, a source said.
The notes were quoted trading 1 point lower earlier in the day at the 68 bid area before heading out lower on a 66 handle.
Rite Aid’s CDS spreads moved out nearly 800 bps this week ended Wednesday to 3,137 bps, Moody’s said.
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