Frontier down; Qurate, QVC paper mixed; Coca-Cola, Verizon soft; Country Garden drops

By Cristal Cody

Tupelo, Miss., June 22 – Frontier Communications Holdings LLC’s bonds were back on the distressed radar in heavy trading action on Wednesday.

The company’s notes went out about 1 point to 1 7/8 points lower on the day, a source said.

In other distressed paper, Qurate Retail Inc.’s 8½% senior debentures due 2029 (B2/B) improved about 2¼ points to the 71¼ bid area, a source said.

QVC Inc.’s 5.45% senior secured notes due 2034 (Ba2/BB+) fell more than ¾ point to the 71 bid area.

Elsewhere, trading action has been strong in high-grade paper carrying distressed handles, according to market sources.

Coca-Cola Co.’s 2½% senior notes due 2040 (A1/A+) have improved from an all-time low of 75½ bid hit June 14 but are still trading with a handle in the 70s.

Verizon Communications Inc.’s 3.4% notes due 2041 (Baa1/BBB+) were quoted near the 80¾ bid area on Wednesday.

Offshore property developer bonds were active as China Evergrande Group prepares to announce a restructuring plan.

Country Garden Holdings Co. Ltd.’s notes came under pressure after the property developer was dropped to junk with the 5 5/8% senior notes due 2026 down more than 10 points at 52 bid.

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