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Bond Market News
Lumen’s Bonds Rise on Announcement of Microsoft Partnership
July 25, 2024
Lumen Technologies’ bonds rose by 1-2 points across the curve after the company announced its partnership with Microsoft. Lumen will use Microsoft’s Cloud to drive its digital transformation leading to reduction in its overall technology costs, removal of legacy systems and creating new solutions for its global customer base. Microsoft will in turn, leverage Lumen’s capability to expand its network capacity to meet the growing demand on its data centers due to AI. Lumen entered into a restructuring agreement with its creditors earlier in January this year, post which it was upgraded by S&P in April.
It’s 4% 2027s rose by 2.3 points to trade at 53.54 cents on the dollar.
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