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Mallinckrodt moves up; Endo senior notes weaken; Bed Bath & Beyond lower; CURO declines
By Cristal Cody
Tupelo, Miss., May 25 – Distressed pharmaceutical paper went out mixed on Wednesday in mostly light secondary market action.
Mallinckrodt plc’s 5½% senior notes due 2025 climbed 3¾ points to 39 bid on $2 million of volume, a source said.
Endo International plc’s 6% senior notes due 2028 (Caa3/CC) were down ¾ point and trading with an 8 bid handle.
Volume was on the light side with $1 million of supply seen.
In other issues active on Wednesday, CURO Group Holdings Corp.’s 7½% senior secured notes due August 2028 (Caa1/CCC+) dropped 1 point to 71¾ bid on light trading totaling $1 million, a market source said.
The issue priced nearly a year ago at par.
Bed Bath & Beyond Inc.’s 3.749% senior notes due 2024 (B3/B+) also shed ¾ point over the session to 70 bid, a source said.
The issue saw $3 million of volume.
Elsewhere, S&P Global Ratings said in a report on Wednesday that downgrade risks for 2023 are building from the impact of interest rate and EBITDA stresses on U.S. speculative-grade companies.
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