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Altice’s CSC distressed bonds up again; Staples climbs; distressed volume grows
By Cristal Cody
Tupelo, Miss., Feb. 27 – Bonds from Altice USA, Inc. subsidiary CSC Holdings, LLC stole the show in the junk and distressed secondary markets on Tuesday in heavy volume that totaled around $198 million.
CSC’s 4 5/8% senior notes due 2030 (Caa2/CCC+) rallied 3 points to 55½ bid on $27 million of volume, a source reported.
The 5¾% senior notes due 2030 (Caa2/CCC+) added 1½ points to head out at 58½ bid on $21.5 million of supply.
Meanwhile, investors took Staples Inc.’s investor announcement of fourth-quarter revenue gains to heart, a source said.
The office supplies retailer’s 10¾% senior notes due 2027 (Caa2/CCC) jumped 3¾ points to hit 88 bid and were nearly 10 points higher from the same session a week ago.
Stocks were mixed, while the benchmark 10-year Treasury note yield rose 1 basis point 4.31%.
Market participants are now pricing in only 3.3 cuts by the Federal Reserve with the first not expected until July, according to a BofA Securities research note on Tuesday.
Separately, Fitch Ratings reported on Tuesday that it added several issuers to its U.S. Market Concern Loan and Bond lists in the last month due to weakening credit metrics or increased risk of a distressed debt exchange, including CommScope Holding Co., Inc.
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