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Distressed debt opens year higher; CSC Holdings better; Michaels returns to 68-handle
By Abigail W. Adams
Portland, Me., Jan. 3 – While equity indexes opened the New Year with losses, it was a strong start for the distressed debt space with several names lifted with buyers in the market.
The S&P U.S. High Yield Corporate Distressed Bond index closed Tuesday with a 0.12% gain after closing out 2022 with a 25% loss.
Altice USA Inc. subsidiary CSC Holdings LLC’s junk bonds improved in active trading after closing 2022 at historic lows.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa1/CCC) were also on the rise in active trading with the notes returning to a 68-handle after slipping below at the close of 2022.
CSC Holdings’ junk bonds were in focus in the distressed debt space with the notes improved after closing the previous year near historic lows.
The 7½% senior notes due 2028 (Caa1/B-) gained 1 point in active trading.
The notes closed Tuesday at 69 1/8 with the yield 16½%, according to a market source.
The 5¾% senior notes due 2030 gained about ½ point to close the day at 58 with the yield 15 7/8%.
The 4 5/8% senior notes due 2030 gained 3/8 point to close the day at 55 7/8. The yield was 14%.
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