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Community Health declines; Rite Aid notes rebound; CommScope paper moves lower
By Cristal Cody
Tupelo, Miss., Oct. 23 – The benchmark 10-year Treasury note yield briefly touched over 5% on Monday before yields dropped by the close.
Distressed paper was mixed in the aftermath, sources reported.
Community Health Systems Inc.’s 6 1/8% secured notes due 2030 (Caa2/CCC-) were 1 point lower in early trading but had recovered slightly by the afternoon and went out ½ point lower at 44 bid, a source said.
Community Health’s 6 7/8% senior secured notes due 2029 (Caa2/CCC-) traded about 1¾ points weaker at 47¼ bid in mostly light volume over the session.
The company’s higher-rated bonds also were softer on Monday.
Community Health’s 5¼% senior secured notes due 2030 (B3/B-) declined ¾ point to 72 bid.
Bankrupt Rite Aid Corp.’s 8% senior secured notes due 2026 (/D/CC) reversed Friday’s weakness and improved 1½ points to 71½ bid on more than $15 million of bond volume on Monday, a source said.
On Friday, the notes had declined nearly 1½ points.
CommScope Holding Co., Inc.’s 8¼% senior notes due 2027 (Caa1/CCC+) moved lower again on Monday after going out Friday nearly 2 points softer.
The notes declined ½ point to head out at 62 bid, a source said.
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