iHeartCommunications bonds give back gains from post-earnings rally; CSC Holdings mixed

By Abigail W. Adams

Portland, Me., March 5 – It was a weak day for distressed debt credits on Tuesday as a risk-off sentiment swept through markets ahead of Federal Reserve chair Jerome Powell congressional testimony on Wednesday.

Names were lower across the board with lower quality credits taking the brunt of the selling pressure in the high-yield market.

iHeartCommunications, Inc.’s senior notes were under pressure on Tuesday with the notes giving back their gains from a post-earnings rally.

iHeart’s 5¼% senior secured notes due 2027 (Caa1/B+) were off almost 2 points to return to a 72-handle.

The notes were changing hands at 72½ with the yield about 15 7/8% heading into the market close, a source said.

The 6 3/8% senior secured notes due 2026 were off 1 to 1½ points. The notes were trading at 83 7/8 heading into the market close.

Altice USA Inc. subsidiary CSC Holdings LLC’s senior notes edged lower after surging the previous week on speculation about a Charter takeover.

The 5¾% senior notes due 2030 were off ¼ to ½ point with the notes trading in the 58½ to 59 context, and the 4 5/8% senior notes due 2030 were also off about ½ point to trade in the 55¼ to 55¾ context.

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