Pre-holiday action thins; PROG notes down; Bed Bath & Beyond lower; Exela declines

By Cristal Cody

Tupelo, Miss., July 1 – Secondary action thinned in the early session on Friday with emerging markets paper dominating distressed trading as desks cleared ahead of the Fourth of July holiday.

Bonds from fintech holding company PROG Holdings, Inc. were active and 1/8 point lower on $7 million of secondary action.

PROG’s 6% senior notes due 2029 (B1/BB-) fell to 75¾ bid in the session, a source said.

Bed Bath & Beyond Inc.’s senior notes softened further ahead of the long weekend with the 5.165% senior notes due 2044 (B3/B+) down 1 3/8 points at 20¼ bid on $4 million of volume, according to a market source.

Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 (Caa3/CCC-) also were under pressure with the paper down 3¼ points by the afternoon.

The issue was quoted at 30 bid on $1 million of paper traded.

Endo International plc remained in focus on Friday with the company announcing that it received a notice from the Nasdaq Stock Market that it was not in compliance with minimum bid requirements, but bond trading was thin, a source said.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/C) were mostly unchanged at 8 bid.

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