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Altice notes active, lower; Tullow notes rally more than 5 points; WeWork, CHS down
By Cristal Cody
Tupelo, Miss., Jan. 25 – In distressed telecom paper, Altice France SA’s 6% notes due 2028 (Caa1/CCC+) moved off ¼ point in strong trading that topped $15 million on Wednesday.
The notes were down to 67 bid by the day’s wrap, a source said.
Tullow Oil plc’s 7% senior notes due 2025 (Caa2/CCC+) rallied 5¾ points by the end of the session after the company posted a 2023 outlook and 2022 update ahead of the release of its full-year 2022 results on March 8.
Tullow Oil’s 7% notes went out the door at 70½ bid, a source said.
The issue saw $6 million of paper traded.
WeWork Inc.’s 7 7/8% senior notes due 2025 (CCC+/CCC-) fared poorly over the session with the issue down more than 4½ points at 54 7/8 bid on $1.2 million of volume, according to a market source.
CHS/Community Health Systems, Inc.’s 6 7/8% senior secured notes due 2029 (Caa2/CCC) also were under pressure Wednesday with the issue 1½ points lower at 64 bid, a market source said.
Secondary supply was light with $1 million of paper traded.
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