Discovery and Comcast Bonds Underperform Post-AT&T Media Spinoff
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Discovery Inc. and Comcast Corp. bonds were among the biggest underperformers in the U.S. high-grade index Monday after AT&T Inc. agreed to merge its media assets with Discovery to form a new entertainment company.
The spread over Treasuries on Discovery’s 5.2% bonds due in 2047 widened 5 basis points to 182 basis points, while Comcast’s 2.45% bonds due 2052 widened 4 basis points to 83 basis points, according to Trace bond trading data. Both securities were among the bottom ten performers in the investment-grade index Monday morning.