Paramount Skydance Corp.'s newly issued bonds fell sharply on their first trading day Thursday, prompting complaints from money managers to underwriters Bank of America and Citigroup, Bloomberg reported. The eight-year U.S. dollar notes traded near 96 cents on the dollar after pricing at par, while paper losses on investment-grade debt exceeded $100 million. Paramount shares dropped 9.6%, existing bonds weakened and the cost of betting against the company's credit reached a 17-year high. The financing supports Paramount's $110 billion acquisition of Warner Bros. Discovery, which remains targeted for October 6 after a federal judge approved a multi-state antitrust agreement. The package includes $41.4 billion of senior secured notes and an $8.5 billion term loan, with leverage forecast near 7.6 times EBITDA. Investors questioned the durability of an order book marketed above $109 billion and the pricing of the debt, while CFO Dennis Cinelli described the selloff as one-day market choppiness.