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Bed Bath & Beyond bonds decline; Talen notes mixed after downgrade; Transocean flat
By Cristal Cody
Tupelo, Miss., April 13 – Bed Bath & Beyond Inc.’s bonds tumbled about 2¾ points to 3¼ points on Wednesday after the company reported a fourth-quarter loss of $159 million following difficulty in securing inventory.
Bed Bath & Beyond’s 5.165% notes due 2044 (B1/B+) softened to the 58¾ bid range, down from the 61½ bid area on Tuesday, a source said.
The notes are trading over 10 points lower since March.
Bed Bath & Beyond’s 4.915% notes due 2034 (B1/B+) declined about 3¼ points to 68¾ bid over the day.
The notes ended March in the 79½ bid area.
Also in the distressed market, Talen Energy Supply LLC’s senior notes were mixed after Moody’s Investors Service downgraded the issuer and the company’s debt.
Talen’s 10½% senior notes due 2026 (C/CCC/CCC) were down ¼ point at 33¼ bid in thin trading.
Talen’s 6½% senior notes due 2025 (C/CCC/CCC) recovered about 2¼ points to head out at 33½ bid after softening 3 points on Tuesday.
In other energy paper, Transocean Inc.’s paper was thinly traded over the session.
The offshore driller’s 6.8% senior notes due 2038 (C/CCC) were mostly flat at the 63 bid area, a source said.
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