Altice France senior bonds gain; Spirit Airlines secured notes up from January losses

By Cristal Cody

Tupelo, Miss., April 9 – Altice France Holding Restricted Group’s securities continued to dominate the distressed secondary space on Tuesday with the bonds pulling in over $50 million of trading.

The 10½% senior notes due 2027 (Ca/CCC-) climbed 1½ points to 42½ bid on $22 million of trading, a source said.

The 6% senior notes due 2028 (Ca/CCC-) also rallied 1 1/8 points to 32¾ bid on $10 million of volume.

Meanwhile, Altice France SA’s 5 1/8% senior secured notes due 2029 (Caa1/CCC+) gave back Monday’s ½ point gain to head out at 68½ bid on $10 million of activity.

Spirit Airlines Inc.’s 8% senior secured notes due 2025 (Caa2//BB-) stood out with the paper trading around ¾ point to nearly 2 points higher in the 78 to 79 bid range on about $10 million of bonds changing hands, a source said.

The bonds were last seen over 1¾ points better at 79 bid, up from a handle in the 40s in January.

Treasury yields had climbed on Monday to their highest since November with the benchmark 10-year note yield at 4.42% but retreated 5 basis points over the session to 4.36%.

The higher yields early Tuesday were “enticing some investors to buy bonds again, pulling yields a bit lower,” according to a Confluence Investment Management note.

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