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CSC mostly higher; DISH, Hughes improve; iHeart Communications notes end lower
By Cristal Cody
Tupelo, Miss., Feb. 14 – Bonds in the distressed cable- and communications-related spaces mostly turned higher on Wednesday with earnings reports taking focus.
Altice USA, Inc. subsidiary CSC Holdings, LLC’s 5¾% senior notes due 2030 (Caa2/CCC+) went out 1 point higher at 48¼ bid on $10 million of volume, a source said.
Bonds in EchoStar Corp.’s subsidiaries mostly improved with DISH DBS Corp.’s paper flat to over 1 point better.
DISH’s 5¼% senior secured notes due 2026 (B2/B-) went out more than 1¼ points higher on a 78 bid handle on nearly $7 million of volume, a source said.
Hughes Satellite Systems Corp.’s 6 5/8% senior notes due 2026 (Caa3/CCC+) rose ½ point to 66¼ bid on $7 million of trading after dropping on Tuesday in heavier supply totaling nearly $15 million.
Bonds adjusted after Tuesday’s wide sell-off sparked by a surprise increase in January U.S. inflation data.
“The inflation data and the shifting expectations for rate cuts are consistent with our oft-stated view that investors have probably gotten ahead of themselves in expecting rate cuts in the near term,” Confluence Investment Management analysts said in a note on Wednesday.
iHeartCommunications, Inc.’s bonds were under renewed pressure over the day with the 8 3/8% senior notes due 2027 (Caa3/CCC+) down 1 7/8 points to 56¾ bid, a source said.
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