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Bed Bath & Beyond notes mostly higher; Michaels paper better on week; Rite Aid improves
By Cristal Cody
Tupelo, Miss., July 20 – Distressed retailer Bed Bath & Beyond Inc.’s paper attracted plenty of secondary interest on Wednesday following Moody’s Investors Service’s downgrade of the company.
The senior notes (Caa3/B-) were flat to about 6 points better in heavy trading activity.
“The ‘44s are up today,” a source said.
Bed Bath & Beyond’s 5.165% senior notes due 2044 (Caa3/B-) rose to 20¾ bid by the end of the day, up about 1¼ points.
Market tone remained strong for a second session on Wednesday with stock indices ending higher.
The iShares iBoxx High Yield Corporate Bond ETF went out up 34 cents, or 0.45%, at $76.10.
Also in the distressed retail landscape, Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa1/CCC+) were trading about 1 point higher this week.
Michaels’ 7 7/8% senior notes due 2029 (Caa1/CCC+) rose ¼ point to 67 7/8 bid in steady trading on Wednesday, a source said.
In the pharmacy retail space, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/BB-) traded about 3 points better in thin supply on Wednesday.
The issue rose to the 83 bid area by the day’s end, a source said.
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