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Bed Bath & Beyond mixed; higher defaults eyed; Embarq declines; Global Aircraft higher
By Cristal Cody
Tupelo, Miss., Oct. 19 – Bed Bath & Beyond Inc.’s senior notes traded flat to weaker on Wednesday in the first session after the distressed retailer announced exchange offers for the bonds.
The retailer’s 3.749% senior notes due 2024 (C/CC) slipped 3 points to 28 bid, a source said.
Defaults in 2023 are expected to be concentrated in sectors including retail with Bed, Bath & Beyond and Carvana Co. expected to lift the retail default rate as high as 11%, according to Fitch Ratings.
The U.S. high-yield default rate is forecast to finish 2023 at 2½% to 3½%, below the 3.8% 21-year historic average and 2020’s 5.2% rate, Fitch said.
Embarq Corp.’s 7.995% notes due 2036 (Caa2/CCC/CCC) traded heavily over the last two sessions and went out Wednesday down 2 points at 37½ bid, according to a market source.
The notes were trading 4 7/8 points lower since Friday.
Global Aircraft Leasing Co., Ltd.’s 7¼% senior notes due 2024 (B1) rose ¼ point to 80¼ bid and were trading 1½ points better on the week, a source said.
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