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Altice USA gains; Altice Luxembourg weakens; Chemours down; energy under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 2 – The domestic high-yield primary market was closed on Tuesday and is expected to remain that way until the July 8 week with many taking the days surrounding the July 4 holiday off.
Meanwhile, the secondary space was largely unchanged as volume began to taper in the run up to the July 4 holiday.
New paper from CSC Holdings, LLC, a subsidiary of Altice USA, Inc., was in focus with the 5¾% due 2030 (B3/B) continuing to post gains after a strong start out of the gate.
While volume was light, Altice USA’s 5¼% senior notes due 2024 were also on the rise on the heels of the new offering.
However, Altice Luxembourg SA’s 10½% notes due 2027 were trading off on Tuesday.
Chemours Co.’s 5 3/8% senior notes due 2027 traded off more than 2 points after a lawsuit filed against former parent company DuPont was unsealed.
Energy names were also under pressure on Tuesday as crude oil futures fell more than 4% after rallying Monday in the wake of OPEC’s decision to extend cuts.
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