WeWork notes silent after downgrade; Lumen paper higher; Bausch Health bonds mixed

By Cristal Cody

Tupelo, Miss., Aug. 16 – WeWork Inc.’s notes stayed mum in the distressed secondary market on Wednesday on the heels of downgrades from Fitch Ratings and S&P Global Ratings.

The bonds have been thinly traded this week but bounced back from trading under 10 bid in the prior week after the company reported doubts about its ability to continue as a going concern, a source said.

In the same session a week ago, WeWork’s 7 7/8% senior notes due 2025 (/CCC-/C) were quoted at 6 bid, 8 offered.

The 7 7/8% notes were last seen active on Friday at 20 bid.

The bonds traded at 31 bid, 33 offered on Aug. 8 before the company’s second-quarter earnings announcement.

Lumen Technologies, Inc.’s 4% senior secured notes due 2027 (B3/BB-/BB) picked up 1 point over the day to a quote of 70 1/8 bid in one of the more active names on about $8.5 million of trading supply, a source said.

Bausch Health Americas, Inc.’s notes were mixed by the day’s wrap.

The 4 7/8% senior secured notes due 2028 (Caa1/CCC+/B) rose 1/8 point to 58˝ bid in the company’s most active issue on $6.95 million of paper traded, a source said.

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