Coinbase paper improves; Michaels, Qurate distressed retail up; Lumen, Level 3 stronger

By Cristal Cody

Tupelo, Miss., June 7 – Coinbase Global, Inc.’s bonds improved nearly ½ point to 1 point in lighter trading on Wednesday after Tuesday's surprise announcement from the Securities and Exchange Commission that it charged the crypto company with operating as an unregistered national securities exchange, broker and clearing agency.

Coinbase’s 3 3/8% senior notes due 2028 (B1/B), which slid 4 points on nearly $42 million of trading on Tuesday, were up nearly ½ point at a print of 60.437 on $15.5 million of volume, a source said.

Distressed paper from Michaels Cos, Inc., Qurate Retail Inc., Lumen Technologies, Inc. and subsidiary Level 3 Financing, Inc. saw gains over the session, sources reported.

Michaels Stores’ 7 7/8% senior notes due 2029 (Caa2/CCC) were quoted after the close about 1¾ points better at the 65¾ bid area on $4.2 million of trading.

Paper from QVC Inc. parent Qurate Retail was up about 1 point, a source said.

Lumen Technologies’ 4% senior secured notes due 2027 (B3/BB-) were one of the day’s most active distressed issues.

The notes climbed 1¼ points to 69 bid on more than $11 million of secondary volume, a source said.

Level 3 Financing’s 4¼% senior notes due 2028 (B1/B) traded ½ point higher at 61 bid on $5 million of activity.

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