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Diamond Sports up; Bed Bath improves; Diebold, Lumen flat; retail CDS spreads firm
By Cristal Cody
Tupelo, Miss., Feb. 9 – Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Caa3/CCC-) edged up ¼ point on $12.5 million of secondary volume that put it among the most active distressed names traded on Thursday.
The bonds were quoted at 9½ bid and carrying a yield of more than 108%.
Paper yielding more than 106% from Bed Bath & Beyond Inc. also remained active in lighter action in the distressed market on Thursday.
Bed Bath & Beyond’s 3.749% senior notes due 2024 (C/D) hit 30 bid by the close Thursday, up nearly 3¾ points, a market source said.
Volume was light on $3.2 million of paper traded.
Diebold Nixdorf Inc.’s 8½% senior notes due 2024 (Ca/CCC-) have been little changed and trading in the low 50s, a source said.
Lumen Technologies, Inc.’s 4½% notes due 2029 (B2/B+) recovered about ¼ point in light trading totaling $3.5 million on Thursday, a source said.
The bonds were seen at 61½ bid.
Lumen’s CDS spreads widened more than 300 basis points over the week.
CDS spreads from some retailers, including Liberty Interactive LLC, Nordstrom, Inc., Kohl’s Corp. and Macy’s Retail Holdings, LLC tightened this week.
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