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Western Global Airlines notes limp back from plunge; SVB up; Bausch Health improves
By Cristal Cody
Tupelo, Miss., April 19 – Western Global Airlines Inc.’s 10 3/8% senior notes due 2025 (Caa2/CCC-/B) recovered 2 points on Wednesday but remained off about 30 points from where the issue traded last week.
“Today, a lot traded,” a source said.
The air cargo company’s 10 3/8% senior notes due 2025 (Caa2/CCC-/B) rose 2 points to 12 bid on $7 million of secondary activity.
The bonds sank to below 10 bid over Tuesday’s session.
Western Global Airlines’ bonds were last seen in the prior week around the 41½ bid area.
Bank paper remained in focus with the high-grade primary market hosting new supply from issuers including Bank of New York Mellon Corp. and Morgan Stanley, among the first financial issuers since the banking crisis was sparked in March.
Bankrupt SVB Financial Group’s notes traded flat to higher on Wednesday, while its stock shot up nearly 70%.
The 1.8% senior notes due 2026 rallied about 2¼ points to 66¼ bid, a source said.
In other distressed paper, Bausch Health Cos. Inc.’s bonds were trading about 1 point to 1½ points stronger.
Bausch’s 7¼% senior notes due 2029 (Ca/CCCC-/CC) went out at 43½ bid, nearly 1 point better on $8 million of volume, a source said.
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