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Community Health bonds up; iHeartMedia down; WeWork drops; 2023 default concerns grow
By Cristal Cody
Tupelo, Miss., June 14 – Community Health Systems Inc.’s bonds continued to rally on Wednesday after improving in the prior session.
Community Health’s 6 7/8% senior secured notes due 2029 (Caa2/CCC-) were up 2 points to around 62¼ bid on $5.1 million of secondary activity, a source said.
iHeartMedia, Inc.’s paper declined in one of the most active issues seen moving over the session.
The 5¼% senior secured notes due 2027 (B1/BB-) fell nearly 1 point to a 76 bid handle on more than $14 million of trading, a source said.
WeWork Inc.’s notes came under renewed pressure following news reports regarding the exit of chairman and chief executive officer Sandeep Mathrani, going out down about 1¼ points to 1¾ points in mostly light trading, a source said.
WeWork’s 7 7/8% senior notes due 2025 were quoted at 41 bid on $3.5 million of trading.
Junk defaults are expected to “trend higher over the remainder of the year,” Fitch Ratings said in a report on Wednesday.
High-yield defaults are forecast to end 2023 in the 4½% to 5% range.
Fitch said its top market concern bond list totaled $52.7 billion in June, up from $17.3 billion in June 2022.
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