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Carvana mixed in strong volume; Lumen disappoints; Bausch notes mostly unchanged
By Cristal Cody
Tupelo, Miss., Feb. 24 – Carvana Co.’s paper saw mixed reaction in heavy trading on Friday in the first session after the distressed online car retailer reported heavy fourth-quarter and fiscal 2022 losses.
Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) traded up more than ¾ point to the 57 bid area and yielding around 22% on $21 million of paper changing hands, a source said.
Lumen Technologies, Inc.’s paper has been under pressure, along with its credit default swap spreads since the issuer posted quarterly earnings results this month.
Lumen’s 4½% senior notes due 2029 (B2/B+) made it out of the 40s to a 50 bid handle by midweek but remained soft after dropping about 6 points in the previous week. The bonds were not seen in active trading on Friday, a source said.
Lumen investors are starting to chafe at the low price with the Denver-based telecommunications company’s bonds being jeered in a Twitter post this week that saw more than 30,000 views.
Bausch Health Cos. Inc.’s notes were little changed in light trading on Friday following a downgrade from S&P Global Ratings, a source said.
Bausch Health’s 11% senior secured notes due 2028 (Caa1/B-) traded 1/8 point higher at 77 5/8 bid on $2.9 million of supply.
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