Goldman Sachs Group (GS) and Morgan Stanley (MS) have opposing views on the value of the distressed bonds of UK telecommunications and mass media firm Virgin Media O2, Bloomberg reported Monday, citing sources familiar with the matter.
Goldman Sachs traders consider much of Virgin Media's downside priced in, while their Morgan Stanley counterparts are advocating for investors to sell or short the firm's bonds amid the risk of a debt overhaul, according to the report.
The UK firm's bonds plunged into distressed territory this month, spooking investors, the report said.
Goldman Sachs, Morgan Stanley, and Virgin Media did not immediately reply to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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