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Notes from retailers Michaels, Bed Bath Beyond soften; Staples edges up; CineMedia drops
By Cristal Cody
Tupelo, Miss., Oct. 24 – Declines in distressed paper from the retail sector mostly persisted on Monday, while other sectors relating to consumer purchases also remained under pressure.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa1/CCC) traded at 53½ bid, 1½ points lower on the day and nearly 10 points weaker from a month ago, a source said.
Bed Bath & Beyond Inc.’s short-dated notes have given back nearly 10 points since the company announced exchange offers the previous week, according to a market source.
The 3.749% senior notes due 2024 (C/CC) were quoted at 19¼ bid, down about 1¾ points from ahead of the weekend.
Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) improved slightly in thin supply to 72¼ bid, up more than ¼ point from Friday, a source said.
Meanwhile, National CineMedia, LLC’s 5¾% senior notes due 2026 (Caa3/CC) were down more than 5 points from a week ago and about 15 points lower since the end of September after the company missed coupon payments.
National CineMedia’s 5¾% senior notes due 2026 (Ca/CC) moved Monday in the 7 bid to 7¼ bid area in light trading, a source said.
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