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Endo bonds mixed on missed payment; Bed Bath & Beyond paper lower; Rite Aid declines
By Cristal Cody
Tupelo, Miss., June 30 – Endo International plc’s secured bonds declined on Thursday after the market woke to the company’s announcement that it missed a $38 million payment on its 6% senior notes due 2028.
The unsecured notes (Caa3/C) jumped about 1¾ points to 2 points to the 7¾ to 8 bid range, a source said.
Endo’s secured bonds softened about ¾ point to 1 point.
Bed Bath & Beyond Inc.’s paper continued to drop after sliding about 10 points on Wednesday.
The retailer’s 5.165% senior notes due 2044 (B3/B+) declined 3¼ points to 22 bid, a source said.
Rite Aid Corp.’s notes also softened on Thursday, while its credit default swap spreads tightened over 250 basis points this week, market sources said.
Rite Aid’s 8% senior secured notes due 2026 (B3/CC/BB-) dropped nearly 1 point to the 77¾ bid area.
Meanwhile, some high-grade issuers remained under pressure.
Amazon.com Inc.’s 2.875% notes due 2041 (A1/AA) were modestly softer at the 80 bid area, a source said.
The New York Federal Reserve announced Wednesday that it launched a monthly corporate bond market distress index.
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