Carvana mixed in strong volume; Lumen disappoints; Bausch notes mostly unchanged

By Cristal Cody

Tupelo, Miss., Feb. 24 – Carvana Co.’s paper saw mixed reaction in heavy trading on Friday in the first session after the distressed online car retailer reported heavy fourth-quarter and fiscal 2022 losses.

Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) traded up more than ¾ point to the 57 bid area and yielding around 22% on $21 million of paper changing hands, a source said.

Lumen Technologies, Inc.’s paper has been under pressure, along with its credit default swap spreads since the issuer posted quarterly earnings results this month.

Lumen’s 4½% senior notes due 2029 (B2/B+) made it out of the 40s to a 50 bid handle by midweek but remained soft after dropping about 6 points in the previous week. The bonds were not seen in active trading on Friday, a source said.

Lumen investors are starting to chafe at the low price with the Denver-based telecommunications company’s bonds being jeered in a Twitter post this week that saw more than 30,000 views.

Bausch Health Cos. Inc.’s notes were little changed in light trading on Friday following a downgrade from S&P Global Ratings, a source said.

Bausch Health’s 11% senior secured notes due 2028 (Caa1/B-) traded 1/8 point higher at 77 5/8 bid on $2.9 million of supply.

© 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.