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Bed Bath & Beyond slumps; Ahern Rentals soft; offshore bonds mixed, Evergrande edges up
By Cristal Cody
Tupelo, Miss., July 11 – In the distressed space, Bed Bath & Beyond Inc.’s notes traded more than 1 point weaker on Monday.
The retailer’s 3.749% senior notes due 2024 (B3/B+) fell 1¾ points to 30¼ bid, a source said.
Ahern Rentals, Inc.’s 7 3/8% second-priority senior secured notes due 2023 (Caa2/C) remained quiet ahead of Thursday’s early tender deadline for the issue.
The issue was last seen in the secondary market down ¼ point at 76 bid and yielding nearly 45% on Friday, a source said.
In other distressed paper, property developer Ronshine China Holdings Ltd.'s offshore bonds were not seen trading Monday after the company defaulted on two issues, a source said.
Bonds from China Evergrande Group that led the wave of defaults sparked last year in the property developer space improved during the session.
China Evergrande Group’s 8¾% notes due 2025 rose ¼ point to 8¼ bid, a source said.
Country Garden Holdings Co. Ltd.’s 5 5/8% senior notes due 2026 were last seen active in the secondary market on Friday, trading ¼ point better on the day at 50¾ bid.
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