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Exela notes weaken as issuer faces default; Coinbase softens; retailers pressured
By Cristal Cody
Tupelo, Miss., Jan. 23 – Exela Technologies, Inc.’s paper is trading in the teens since the company missed payments due Jan. 17 on two bonds.
Subsidiary Exela Intermediate, LLC missed $57.5 million of payments due on its 11½% notes due 2026 and 10% first priority senior secured notes due 2023.
Exela Intermediate’s notes (Caa3/CCC-) were trading at the 17 bid range since the missed coupon payments, according to a BofA Securities, Inc. note.
Bonds from Coinbase Global, Inc. continue to trade with handles in the high 50s to mid 60s.
Coinbase’s 3 3/8% notes due 2028 (B1/BB-) were quoted wrapping the prior week around 65 bid, while the 3 5/8% notes due 2031 (B1/BB-) traded with a 58 bid handle.
Retailers also are facing pressure with double-digit junk default rates eyed for 2023.
Macy’s Retail Holdings LLC is on the default watchlist with its paper trading at 82, BofA said.
Rite Aid Corp.’s 8% senior secured notes due 2026 (B3/CCC-/CCC) added ½ point over the session to head out at 52¾ bid but were down more than 5 points from a month ago, according to a market source.
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