Leverage c oncerns left centurylink bonds slumping on Monday, after the telecoms company announced plans to acquire Level 3 Communications in a cash-and-stock deal valued at US$34bn. CenturyLink's 7.5% 2024s - the most heavily traded junk bond in the session - fell 4.125 points to an intraday low of 104.375 to yield 6.70%, according to MarketAxess. They extended losses in the following days among broader weakness across junk bonds to close on Thursday at 102.625, or down more than seven points on the week.
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