| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Avaya Inc. > News item |
Qurate, Rite Aid, Staples paper up on week, CDS spreads improve; Avaya notes decline
By Cristal Cody
Tupelo, Miss., Aug. 11 – A handful of issuers with paper trading in the distressed market saw their credit default swap spreads tighten 150 basis points to nearly 250 bps over the past week ended Wednesday.
Qurate Retail Inc., formerly known as Liberty Interactive Corp., Rite Aid Corp. and Staples, Inc. all tightened, a market source said.
Paper from the companies was trading mostly flat to higher in the secondary market over Thursday’s session and stronger on the week.
Qurate Retail’s 8½% senior debentures due 2029 (B2/B) were about 2½ points better at the 78 bid area and 3 points higher from a week ago, a source said.
Rite Aid’s 8% senior secured notes due 2026 (B3/CCC-/BB-) went out flat on the day at 87¾ bid but about 1½ points better from a week ago, a source said.
Staples’ 10¾% senior notes due 2027 (Caa2/CCC+) were mostly flat during the session at 82 bid and more than 6 points better on the week, a source said.
In other distressed paper, Avaya Inc.’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) fell ½ point to 45¾ bid after the company was downgraded on Thursday by S&P Global Ratings and Fitch Ratings.
The notes were trading 10 points lower this week.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.