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Bausch paper extends losses; Endo mostly lower; Rite Aid notes flat, CDS spreads firm
By Cristal Cody
Tupelo, Miss., July 14 – Bausch Health Cos. Inc.’s notes continued to dive in the secondary market Thursday, moving ¾ point to 1¼ points lower by the close.
The pharmaceutical company’s 5¼% senior notes due 2031 (B3/B-/B) sank 1¾ points in early trading before ending the day down 1¼ points at 44½ bid, a market source said.
The notes are down more than 7 points this week.
Endo International plc’s bonds mostly declined in light trading with the paper remaining under pressure since the pharmaceutical manufacturer missed a $38 million bond interest payment in June.
Endo Finance LLC’s 6% senior notes due 2028 (Caa3/C) were up modestly near the 9 bid area Thursday, a source said.
Looking at the pharmacy retail space, Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/BB-) were little changed in thin secondary activity, while its credit default swaps spreads tightened more than 150 basis points this week, sources said.
Rite Aid’s 8% senior secured notes due 2026 (B3/CCC-/BB-) went out Thursday mostly unchanged at the 79, 80 bid range.
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