Bed Bath & Beyond rallies; AMC higher; Plains All American up; Bausch Health declines

By Cristal Cody

Tupelo, Miss., Aug. 16 – Bed Bath & Beyond Inc.’s senior notes traded 2 points to about 4 points higher on Tuesday on nearly $20 million of volume with the distressed retail paper seeing gains so far in August.

The company’s stock also climbed 29.06% to $20.65.

Bed Bath & Beyond’s 5.165% senior notes due 2044 (Caa3/B-) were up 2 points at 31 bid on $9 million of volume by the close, a source said.

The company’s paper has climbed more than 10 points since mid-July.

Outside of junk emerging markets paper, AMC Entertainment Holdings, Inc.’s bonds were up ¾ point in one of the most active distressed names over the session.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) went out at 86¾ bid on $14 million of secondary supply, according to a source.

Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba2/BB/BB) also picked up 1 point over the day to 85 bid, a source said.

Trading was steady on $4 million of volume.

In other distressed paper, Bausch Health Cos. Inc.’s 9¼% senior notes due 2026 (Caa2/CCC/B) declined 1¼ points on $4 million of volume, a source said.

The notes were quoted at 72¼ bid.

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