Kohl’s lower on junk status; Bed Bath & Beyond up; FedEx flounders; RIG better on week

By Cristal Cody

Tupelo, Miss., Sept. 16 – Kohl’s Corp.’s 5.55% senior notes due 2045 (Baa2/BB+) fell 1point on Friday after S&P Global Ratings dropped the issuer and its bonds to junk.

The issue softened to 68½ bid, a source said.

Friday’s tone remained mostly weak and was helped by FedEx Corp.’s shares sinking more than 21% after the company reported weak first-quarter results and withdrew its full-year fiscal 2023 guidance.

FedEx’s high-grade paper was trading with handles as low as the 70s, a source said.

NCR Corp.’s paper slid about 6 5/8 points to more than 13 points on over $41 million of volume on Friday as one of the most active junk names, though yields were moving under 10%, a market source said.

The 5% notes due 2028 (B3/B) were quoted down 9½ points at 81 bid.

Meanwhile, Bed Bath & Beyond Inc.’s 4.915% senior notes due 2034 (Caa3/CCC) improved more than 2 points to a print of 22.7 on less than $1.5 million of paper traded, a source said.

Transocean Inc.’s notes softened but held onto some of the week’s gains after parent company Transocean Ltd. (RIG) was downgraded by S&P on Friday.

Transocean’s 7½% senior notes due 2026 (Ca/CCC) declined 1¾ points to 77 bid, 2 points better on the week, a market source said.

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