CSC declines following new loan; Credit Suisse drops ahead of report; Carnival lower

By Cristal Cody

Tupelo, Miss., Dec. 16 – Altice USA, Inc. subsidiary CSC Holdings LLC’s notes declined about 2 points to 2¾ points in strong activity on Friday following the company’s pricing of a $2 billion term loan the previous day.

The company’s 5¾% notes due 2030 (Caa1/B-) dropped 1¼ points to 61 bid on $9.8 million of volume, a source said.

CSC’s 7½% notes due 2028 (Caa1/B-) fell about 2¾ points to 70¼ bid on $4 million of trading.

Credit Suisse AG’s junk paper dropped about 3 points to more than 4 points during the session ahead of the Federal Reserve’s after-market announcement that it identified deficiencies in the issuer’s resolution plan.

Credit Suisse’s 9¾% perpetuals (B) dropped 4½ points to trade at 87 bid on $1.2 million of volume, a source said.

Also Friday, Carnival Corp.’s paper declined 1 point after softening about ½ point to more than 2 points the previous day.

Carnival’s 7 5/8% senior notes due 2026 (B3/B) fell 1 point to a quote of 80¾ bid on $8.5 million of volume, a source said.

Meanwhile, the global corporate default tally hit 77 as of Nov. 30, beating the year-to-date 2021 tally by five defaults, S&P Global Ratings said on Friday.

Defaults are 15% above levels for the comparable period in 2021, S&P said.

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