Charter Bonds Jump as Comcast Breakup Fuels Deal Bets

Corporate ActionM&A · PartnershipDigital Finance Impact 4
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Summary · why it matters

Charter Communications debt posted a sharp rally Monday as traders priced in the possibility that Comcast could eventually pursue a combination with the broadband company. The move came after Comcast announced plans to spin off its NBCUniversal and Sky media assets next year into a separate publicly traded company, a step that some investors believe could open the door to broader cable and media dealmaking. Charter's 7% note due in 2033 rose as much as 4.125 cents on the dollar, its biggest move since the bond was sold, and moved close to face value for the first time in two months. The cost of protecting Charter debt against default for five years fell as much as 0.66 percentage point to 2.9 points, marking the largest intraday drop on record for the company's credit default swaps. Reports that SpaceX and Charter held executive-level talks about a possible consumer mobile phone partnership also helped fuel the rally, while Charter shares surged as much as 26% Monday, their biggest gain on record.

Impact on stocks 3

Communication Services▲ · 1 stocks
Cloud & Digital Infrastructure▲ · 1 stocks
Comcast Corp
CMCSA
▲ PositiveCapitalrelevance

Comcast announces spin-off of NBCUniversal and Sky, seen as opening door to dealmaking.

Space Economy▲ · 1 stocks
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