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Kohl’s paper declines; Cleaver-Brooks secured notes rally; Diebold Nixdorf improves
By Cristal Cody
Tupelo, Miss., July 19 – Investment-grade-rated Kohl’s Corp.’s bonds traded near distressed levels in heavy supply this week.
The retailer’s 5.55% notes due 2045 (Baa2/BBB-) dropped more than 1¾ points on Tuesday to the 73 bid range and yielding more than 8%.
S&P Global Ratings revised the company’s outlook to negative during the session.
Meanwhile, Cleaver-Brooks, Inc.’s 7 7/8% senior secured notes due 2023 (Caa1/CCC) were moving at yields well north of 15% up until Tuesday when the issue rallied more than 4½ points to trade at better than par, and yields came in to below 8%.
Cleaver-Brooks’ 7 7/8% senior secured notes due 2023 (Caa1/CCC) were quoted trading as high as 100¼ bid over the afternoon.
“They were in the mid-90s,” a source noted.
Financial markets saw an upswing after Monday’s weak tone with stocks jumping more than 2% as volatility receded.
“The market was strong,” a source said Tuesday, noting all the major indexes were higher.
In other distressed secondary volume, Diebold Nixdorf Inc.’s notes picked up 1½ points to 1¾ points in light trading.
The company’s 8½% senior notes due 2024 (Ca/CCC-) rose 1½ points to 49½ bid on $3 million of paper traded, a source said.
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