First Republic Bank active, pulls back following Friday’s gains; iHeart notes lower

By Cristal Cody

Tupelo, Miss., Dec. 11 – First Republic Bank’s 4 5/8% subordinated notes due 2047 were moving heavily in the distressed secondary market on Friday and over Monday’s session.

In fact, the notes hit their highest price since May after the bank’s collapse, a market source said.

First Republic Bank’s 4 5/8% subordinated notes due 2047 were quoted down more than ½ point from Friday at 2½ bid on more than $12 million of paper changing hands over the session, a source said.

The bonds had rallied over 2 points on Friday to around 3¼ bid on more than $14 million of secondary volume.

iHeartCommunications, Inc.’s paper softened further on Monday but trading was thin after the bonds went into the weekend more than 2 points to 4 points lower following a ratings downgrade, a source said.

iHeart’s 6 3/8% senior secured notes due 2026 (Caa1/B+) traded 1/8 point weaker at 79 5/8 bid on more than $2 million of volume, a source said.

The bonds went out Friday down 3¾ points at 79¾ bid on over $13 million of trading supply.

The 8 3/8% senior notes due 2027 (Caa3/CCC+) also softened ½ point to 60½ bid in slower volume totaling more than $2 million on Monday.

iHeart’s notes traded on Friday 3 points weaker on $11.7 million of secondary activity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.