SVB Financial modestly better; Credit Suisse rallies; CURO higher; Cablevision declines

By Cristal Cody

Tupelo, Miss., Dec. 5 – Financial paper improved on Monday but continues to trade cheap heading into the year-end, market sources reported.

SVB Financial Group’s 4.1% perpetual securities (Baa2/BB) edged up less than ¼ point to the 56 bid area on active supply of $10.24 million on Monday, a source said.

Credit Suisse Group AG’s paper continued to see a turnaround with the perpetual securities about 2½ points to more than 6 points higher on the day.

Credit Suisse’s 9¾% perpetuals (B) rallied 3½ points on the heels of a gain of 3 1/8 points on Friday, a source said.

CURO Group Holdings Corp.’s notes also saw some improvement in steady trading over the session.

CURO's 7½% senior secured notes due August 2028 (Caa1/CCC+) rose 1¾ points to hit 47¾ bid, a source said.

In other distressed issues, Cablevision Systems Corp. subsidiary CSC Holdings LLC’s paper declined in the first session back after the company was downgraded on Friday by Moody’s Investors Service.

CSC’s 7½% senior notes due 2028 (Caa1/B-) fell nearly ½ point to 75 bid on secondary trading that topped $13 million on Monday, a source said.

CSC’s 5¾% senior notes due 2030 (Caa1/B-) also softened more than ¼ point to 67 bid on volume totaling more than $11 million.

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