CSC notes mostly soften; CommScope remains pressured; Ardagh among day’s gainers

By Cristal Cody

Tupelo, Miss., May 7 – Bond traders had little time to spare on Tuesday with volume ramping up across the secondary market in the junk and distressed spaces, sources reported.

Distressed secondary supply totaled over $210 million by the end of the session, higher than the $180 million-plus volume of distressed paper traded in the same session last week.

Altice USA subsidiary CSC Holdings, LLC’s paper continued to dominate the secondary space with the 5¾% senior notes due 2030 (Caa2/CCC) off 2 points at 38 bid on $18 million of volume, a source said.

CommScope Holding Co., Inc. was back under renewed pressure ahead of its first-quarter earnings report later this week.

The 6% senior notes due 2025 (Ca/CCC-) remained down nearly 20 points from March at 72 bid, a source said.

CommScope, Inc.’s 8¼% senior notes due 2027 (Ca/CCC-) fell ¾ point to 35¼ bid on $7 million of activity.

One of the few gainers in the distressed space during the session was Ardagh Group SA, though secondary action was light, a source said.

Ardagh Packaging Finance plc’s 5¼% senior notes due 2027 (Caa1/C/CCC) rose ¾ point on the day to 54 bid and were trading 2¾ points better since Friday.

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