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Rite Aid paper stronger, CDS spreads gap out; Bed Bath & Beyond active; DISH volatile
By Cristal Cody
Tupelo, Miss., Aug. 10 – While Rite Aid Corp.’s paper moved higher this week, the drugstore chain’s credit default swaps spreads gapped out over 1,000 basis points.
Rite Aid’s credit default swaps spreads were circling around 12,000 bps.
The company’s 8% senior secured notes due 2026 (Caa3/CCC-/B) declined more than 1 point Thursday to 57¼ bid but were trading close to 5 points better on the week, a source said.
Bonds from bankrupt and piecemealed Bed Bath & Beyond Inc. continued to trade this week on a 1 handle, traders reported.
Not a ton of volume in the bonds was seen, though, on Thursday.
The 5.165% senior notes due 2044 traded over 1/8 point better at a print of 1.21 on $2.1 million of activity.
DISH Network Corp. stayed the blockbuster name of the day on about $198 million of secondary action.
The bonds were mixed Thursday.
“They’re all over the place,” a source said.
DISH DBS Corp.’s 5 1/8% senior notes due 2029 (Caa2/B-) gave back 2 points to a quote of 59 bid on $31 million of volume.
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