Community Health notes up; Bausch mixed; Michaels dips; QVC down; Staples better

By Cristal Cody

Tupelo, Miss., July 3 – Bond market action stayed light over the short session on Monday with a handful of distressed names seen active ahead of Tuesday’s Fourth of July holiday in the United States.

Community Health Systems Inc.’s 6 1/8% secured notes due 2030 (Caa2/CCC-) were among the day’s gainers with the issue up ¾ point at 61 bid, a source said.

Trading was thin at under $1 million.

Bausch Health Cos. Inc.’s 8½% senior secured notes due 2027 (Caa1/CCC+/B) shifted ½ point lower to 55¼ bid, while other Bausch bonds traded more than 1 point higher in thin volume following a new acquisition announcement, a market source said.

Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) came under pressure over the session with the bonds down 1 point at 67¾ bid, a source said.

QVC Inc.’s 4¾% notes due 2027 (B2/B-) dropped ¾ point to 63¾ bid on $1 million of trading activity over the short session, a source said.

Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) saw some of the day’s heaviest distressed trading with $2 million of notes changing hands.

The bonds were up ½ point at 58 7/8 bid, a source said.

S&P U.S. High Yield Corporate Distressed Bond index total returns for June were 4.67%.

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