Distressed debt credits quiet pre-CPI; CommScope improves; Office Properties active

By Abigail W. Adams

Portland, Me., March 11 – The distressed debt space opened the week as it closed the last – quietly.

Trading activity was muted with few notable price movements as market players await the Tuesday release of the Consumer Price Index report.

The report has the potential to be a high vol. event for markets with last month’s report sparking heavy selling in the space.

While the macro data released since then has been encouraging, any surprise uptick in inflation will not be good for the market, which has now widely priced in June rate cuts, a source said.

With the market largely focused on the pending inflationary data, there was little impetus for movement during Monday’s session.

CommScope Holding Co., Inc.’s senior notes were among the more actively traded credits in the space with the notes improved across the board.

CommScope’s notes added ½ to 2½ points with its shorter-duration issues posting the largest gains.

The 6% senior secured notes due 2026 (B2/CCC+) jumped 2½ points and closed at 94¾ with the yield about 9%, a source said.

Office Properties Income Trust’s senior notes (Caa1/CCC) were active during Monday’s session although with little movement in price.

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