Bond Prices Have Preceded Stock Price
Today's announcement that CenturyLink (CTL) is placing $1.25B of new 7-year senior secured notes at a very attractive 4% yield shows how far the company has come in stabilizing its financial risk through deleveraging, cost savings, and network modernization in a period of increasing demand for data transmission and management.
While recent news flow has turned positive for CenturyLink, a look at the past twelve-month history of bond and stock prices show that the former market seems to have better anticipated the improved prospects. For example, here is the