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First Republic notes drop; Community Health pressured after loss; Bausch paper mixed
By Cristal Cody
Tupelo, Miss., May 2 – First Republic Bank’s paper sank further on Tuesday, trading as low as 5/8 bid a day after it was closed and auctioned to JPMorgan Chase & Co.
The bank’s 4 3/8% subordinated notes due 2046 (C/B-) sank to ¾ bid on $10.75 million of trading, a source said.
First Republic Bank’s 4 5/8% subordinated notes due 2047 (C/B-) went out down 1 7/8 points at 5/8 bid on $7.75 million of secondary volume.
JPMorgan’s purchase of the bank and its assets does not include the bank’s corporate debt, sources note.
In other distressed paper, Community Health Systems Inc.’s bonds shed about 3½ points to more than 6 points on about $15 million of volume, while its stock plunged nearly 40%, after the company reported first-quarter losses.
The company’s 6 7/8% senior secured notes due 2029 (Caa2/CCC-) fell 6 points to 68¾ bid on more than $10 million of volume on Tuesday, a source said.
Bausch Health Cos. Inc.’s bonds traded flat to higher on about $11 million of secondary activity ahead of its earnings release this week.
The company’s 6¼% notes due 2029 (Ca/CCC-) rose ¼ point to 47¾ bid on $4 million of supply, a source said.
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