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Bath & Body Works, Michaels, Bed Bath & Beyond paper higher; retail under pressure
By Cristal Cody
Tupelo, Miss., July 6 – Distressed retail paper traded mostly higher on Wednesday, while the sector remains under pressure amid downgrades and continued inflation.
Bath & Body Works, Inc.’s 6¾% senior notes due 2036 (Ba2/BB) that started the year trading at better than 122 bid were up about 1 point at 81 bid, a source said.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (B3/CCC+) rose about ½ point on Wednesday to 66½ bid, a source said.
Bed Bath & Beyond Inc.’s senior notes also mostly improved in busy trading activity after sinking in the prior week.
The company’s paper was seen trading flat to more than 4 points higher on the day, a source said.
Bed Bath & Beyond’s 5.165% senior notes due 2044 (B3/B-) rose 5/8 point to 20 5/8 bid.
S&P Global Ratings said in a report on Tuesday that the retail space “is testing ratings resilience” after the sector pushed downgrades past upgrades over the prior week.
The U.S. distress ratio jumped this week to 8.7% from 6.4% in the prior week and from 2.4% at the end of May, according to the report.
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