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Lumen’s Bonds Rally on Strategic Partnership with Meta
October 22, 2024
Lumen’s dollar bonds rallied by over 2 points across the curve after the company agreed to a strategic partnership with Meta to extend network capacity and help drive its AI objectives. This will allow Meta offer access to existing and new fiber routes between data centers, helping meet its user needs globally. The network solutions offered by Lumen aim to help both companies for future AI developments by supporting complex computing tasks. In a streak of positive news, Lumen had announced a strategic partnership with Microsoft that saw its bonds rally in July this year. The company has also witnessed upgrades by rating agencies including its latest upgrade to CCC+ by S&P this month. Its bonds have been on an uptrend since July.
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