Bausch Health bonds gain in April; Altice France paper moves higher; secondary thins

By Cristal Cody

Tupelo, Miss., April 8 – Bausch Health Cos. Inc.’s bonds extended a rally from last week into Monday, but supply remained light following a lawsuit the company filed to protect its Xifaxan drug against generic rivals.

Bausch’s 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) were quoted at 61¼ bid on $5 million of trading, up from 54 bid, 55 offered in the same session a week ago, sources said.

“On the week, they’re pretty good,” a source said.

The bonds also climbed from trading at 58¼ bid, 59¼ offered on Friday.

Bausch’s 6 1/8% senior secured notes due 2027 (Caa1/CCC+/B) rallied 3½ points to 70½ bid on $6 million of supply in the company’s most active tranche on Monday.

Secondary action stayed light with traders awaiting March inflation data due midweek and the afternoon solar eclipse slowing activity across the country.

Distressed volume was quoted at $138 million by the close.

Paper from Altice France Holding Restricted Group and affiliates improved around ¼ point to 2 points.

Altice France Holding SA’s 10½% senior notes due 2027 (Ca/CCC-) rose 2 points to 41 bid on $11 million of volume, a source said.

The notes have climbed from where the issue was quoted in the same session a week ago at 36 bid, 37 offered.

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