Altice notes dominate distressed space, higher on week; Bausch bonds give back gains

By Cristal Cody

Tupelo, Miss., April 11 – Altice France Holding Restricted Group’s paper mostly softened as the name continued to dominate the distressed secondary market on Thursday on more than $50 million of supply.

The 6% senior notes due 2028 (Ca/CCC-) were down ¼ point at 32 bid, while the 10½% senior notes due 2027 (Ca/CCC-) edged up ¼ point to 41¾ bid and remained about 4 points better on the week, a source said.

Other names in the cable space were mixed with credit default swap spreads from Altice USA, Inc. subsidiary CSC Holdings, LLC and DISH DBS Corp. widening this week, sources said.

Charter Communications Inc.’s bonds traded about 1/8 point better to ¼ point lower over the day.

Elsewhere, Bausch Health Cos. Inc.’s paper saw more than $35 million of volume across its Caa1- and Ca-rated notes, a source said.

Bausch’s 11% senior secured first-lien notes due 2028 (Caa1/CCC+/B) declined ½ point to 77½ bid but were about 3 points better from Monday.

Market tone was mixed as the surprise increase in March inflation data dashed hopes of a summer rate cut.

“In our view, the March CPI print makes a June rate cut untenable, while our forecast for a more gradual decline in inflation makes two cuts this year more likely than three,” according to a BNP Paribas Securities note.

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