Altice bonds continue to mostly decline; Lumen, Level 3 paper mixed; Telesat Canada softens

By Cristal Cody

Tupelo, Miss., April 1 – Altice France Holding Restricted Group paper continued to see the bulk of trading but in much lighter supply with the 8 1/8% senior secured notes due 2028 (Caa1/CCC+) counted among the most active issues on $8 million of volume Monday.

The notes were less than 1/8 point better on a 78 bid handle, a source said.

Overall distressed secondary action was lighter following the long holiday weekend as the primary market in both the junk and high-grade spaces heated up ahead of the March jobs report due this week.

“We estimate a noticeable slowdown in the pace of U.S. job creation in March, albeit to a still-solid 180k,” BNP Paribas Securities analysts said in a note Monday. “We see the unemployment rate edging down to 3.8%.”

Meanwhile, March distressed returns dropped to negative 0.47% after closing out February with nearly 5% of gains.

Bonds from Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. were mixed Monday, a source said.

Lumen’s 4% senior secured notes due 2027 (Caa3/D) rose ¼ point to 62½ bid, while Level 3’s 4¼% senior notes due 2028 (Caa2/D) went out at 45¾ bid.

Telesat Canada’s 5 5/8% senior secured notes due 2026 (B3/D) dropped 1 point to 49¼ bid after going out in the prior week down nearly 10 points, sources said.

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