Avaya declines; Carvana paper higher on day, week; Carnival bonds, CDS spreads weaken

By Cristal Cody

Tupelo, Miss., Dec. 15 – Avaya Inc.’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) shed 1 point on Thursday in heavy trading that placed it as the most traded distressed issue seen in the secondary market.

Avaya’s 6 1/8% senior secured notes due 2028 (Caa2/CCC-/CCC) traded down 1 point to 34¼ bid and a yield of 31.6% on $12 million of volume, a source said.

Avaya’s stock hit a new low of 50 cents during the session.

Carvana Co.’s bonds were making inroads after restructuring chatter hampered the paper in the prior week.

Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) moved up 1¼ points to 50¼ bid on $12 million of volume, a source said.

The bonds have improved about 8 points from a week ago.

In other distressed secondary supply, Carnival Corp.’s bonds traded about ½ point to more than 2 points weaker on Thursday.

Carnival’s 5¾% notes due 2027 (B3/B) dropped about ½ point to head out with a 73 handle and some change on more than $11.5 million of activity, a source said.

Carnival’s credit default swap spreads also widened more than 50 basis points this week.

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