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Lumen Technologies bonds, CDS weaken; Rite Aid secured notes rebound; CommScope higher
By Cristal Cody
Tupelo, Miss., July 27 – Lumen Technologies, Inc.’s paper mostly softened by about ¼ point to 1½ points over Thursday’s session.
Lumen’s 4% senior secured notes due 2027 (B3/BB-/BB) shed nearly ¾ point to around 67½ bid on Thursday on $6.75 million of trading supply by lunchtime, a source reported.
By the day’s end, the notes were down 2¼ points and trading just under 66 bid on $7.85 million of volume.
Lumen’s credit default swap spreads eased more than 100 basis points this week after moving out nearly 700 bps last week.
Primary action picked back up on Thursday in both the high-grade and junk markets following the Federal Reserve's rate hike decision on Wednesday.
Secondary trading was active early afternoon.
“People are trying to buy,” a source said.
Rite Aid Corp.’s 8% senior secured notes due 2026 (Caa3/CCC-/B) moved up ¼ point to 51 1/8 bid on $2 million of trading, a source said.
Rite Aid’s CDS spreads tightened nearly 1,300 bps this week and moved back under 10,000 bps.
CommScope Holding Co., Inc.’s bonds edged higher in mostly light activity.
The 8¼% senior notes due 2027 (Caa1/CCC+) improved ¼ point to 75½ bid, a market source said.
CommScope’s 7 1/8% senior notes due 2028 (Caa1/CCC+) rose ¼ point to around 66¾ bid.
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