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Talen notes, CDS spreads improve; Rite Aid lower; Staples bonds, CDS spreads soften
By Cristal Cody
Tupelo, Miss., May 5 – Distressed paper quoted Thursday ended mixed in light trading after the financial markets reversed course with CommScope Holding Co., Inc.’s junk bonds among the day’s most active issues.
Equities sank after gaining Wednesday following the Federal Reserve’s largest interest rate hike in over two decades.
The iShares iBoxx High Yield Corporate Bond ETF dropped $1.39 to end Thursday at $78.05.
Measured market volatility jumped over 23%.
Talen Energy Supply LLC’s 10½% senior notes due 2026 (C/CC/CCC) saw back-to-back gains with the issue up 4 points at 44 bid after gaining 3 points on Wednesday, a market source said.
The power company’s credit default swap spreads also came in over 300 bps for the week.
Meanwhile, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC/BB-) fell over 1½ points to 81½ bid on Thursday, a source said.
The drugstore chain’s CDS spreads widened nearly 150 bps over the past week.
Staples Inc.’s 10¾% senior notes due 2027 also dropped about 2¾ points, and its CDS spreads widened over 60 bps this week.
Staples’ 10¾% senior notes due 2027 (Caa2/CCC+) declined about 1¼ points over Thursday’s session, heading out at the 85¾ bid area, a source said.
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