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Charter Stock Surges 26% as Market Bets Comcast Spin-Off May Enable Merger on June 29

GateNews
Stocks
Charter Communications shares and bonds rallied on Monday (June 29) as investors bet Comcast's planned spin-off of NBCUniversal and Sky media assets could pave the way for a merger between the two broadband giants. Charter's 2033 high-yield bond with a 7% coupon rose 4.125 cents to near par value, marking its largest single-day gain since issuance in January. The company's 5-year credit default swap spread fell 0.66 percentage points to 2.9%, the largest daily decline on record. According to Bloomberg Intelligence, Comcast's media business separation could unlock additional merger opportunities. Charter's stock surged 26% intraday, the largest single-day jump on record, also bolstered by reports that SpaceX is in talks with Charter regarding a potential consumer wireless service partnership.
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