Rite Aid edges up; Home Point improves; 99 Cents, Transocean paper down; Zhenro quiet

By Cristal Cody

Tupelo, Miss., April 11 – Rite Aid Corp.’s 8% senior secured notes due 2026 improved over ¼ point on Monday after ending Friday about 6 points lower on the week following an analyst report.

The issue traded at a print of 87.31 on $6 million of volume, a source said.

Home Point Capital Inc.’s 5% senior notes due 2026 (B3//B-) traded ¼ point higher on Monday, heading out at 79¾ bid with $3 million of volume seen, a market source said.

99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/B-) dropped 2½ points during the session to 64¾ bid, a source said.

Secondary supply totaled $4 million.

Bonds in the energy space were softer as oil declined, a source said.

Transocean Inc.’s 11½% senior guaranteed notes due 2027 (Caa3/CCC+) dropped over 2¼ points to near the 101 bid area and yielding over 11% on $3 million of paper traded on Monday.

Looking at China’s distressed property developer space, Zhenro Properties Group Ltd.’s offshore bonds were quiet after the company defaulted on two dollar-denominated bonds.

Zhenro’s 8.35% senior notes due 2024 (//C) were last seen in the secondary market on Friday with the issue about ¾ point higher at 16¾ bid, a source said.

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