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The COVID-19 selloff has created a plethora of opportunities in the high-yield debt markets. CenturyLink (CTL) is a company that I have covered for several years. The company’s acquisition of Level 3 Communications prompted me to issue a dividend warning in late 2017. The company cut its dividend in 2019 and after a rally in the company’s debt later that year, I sold my positions. Now, I am re-examining an entry position between CenturyLink’s stock and its bonds.
CenturyLink’s stock has sold off due to the COVID-19 black swan, and the resulting discount