Altice International Bonds See Record Drop After Asset Drop-Down

Altice International’s bonds plunged the most on record on Monday following an announcement on Friday afternoon that the company had shifted some assets out of the reach of creditors, in an aggressive move aimed at stabilizing its finances.

The euro-denominated, first-lien notes due in August 2029 plunged as much as 9 cents to 66, according to data compiled by Bloomberg. Meanwhile, the more junior second-lien bonds due in January 2028 fell over 16 cents on the euro to 19, its largest intraday drop since issuance.