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Credit Suisse paper mostly flat after Monday dive; Transocean up; Embarq notes steady
By Cristal Cody
Tupelo, Miss., Oct. 4 – Credit Suisse AG’s paper traded mostly flat on Tuesday after sliding about 5¾ points to more than 10 points on Monday on restructuring fears.
Credit Suisse’s 7½% perpetual notes were mostly flat at 86¾ bid as the day wrapped, according to a market source.
Credit Suisse AG, London Branch’s 1/8% equity-linked notes due Aug. 17, 2027 quieted Tuesday after diving in heavy trading on Monday to 88½ bid.
The notes last traded on Aug. 18 with a 110 handle.
Transocean Inc.’s paper was heading higher in active secondary trading on Tuesday following the company’s completion of a distressed debt exchange and a downgrade from S&P Global Ratings.
Transocean’s 7½% senior notes due 2026 (Ca/CCC) rallied 2 points to 78 bid and were trading 3¾ points better since Friday, a market source said.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/BB/CCC) traded flat to about ¼ point softer on Tuesday at 49¾ bid and were mostly unchanged so far in October after sinking more than 24 points in the back half of September.
Fitch Ratings downgraded Embarq’s notes to CCC from BB on Tuesday following the completion of its takeover by Connect Holding LLC and subsidiary Connect Holding II LLC.
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