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Revlon bonds crack 200% yield area; Rite Aid higher; Bausch down; Cooper-Standard up
By Cristal Cody
Tupelo, Miss., June 15 – Secondary action slowed in distressed paper on Wednesday as the financial markets braced for the Federal Reserve’s rate decision with equities finishing stronger on the largest hike since 1994.
The bulk of the day’s trading volume was from emerging markets issuers, a source said.
One name that was causing buzz in the distressed space was Revlon Inc.
Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/C) were trading at 8½ bid by the close, down over 15 points since last week.
“That cracks the 200% yield mark,” a source said.
Looking at other distressed paper, Rite Aid Corp.’s notes traded about 1 7/8 points to over 2 points higher on Wednesday following a downgrade from S&P Global Ratings.
Bausch Health Cos. Inc.’s 5% senior notes due 2029 (B3/B-/B) dropped 1½ points to trade near 58 bid in one of the more active names seen in the distressed space on Wednesday on $6 million of secondary volume, a source said.
Meanwhile, Cooper-Standard Automotive Inc.’s 5 5/8% senior notes due 2026 (Caa2/CCC-) were trading 1 point higher this week at the 49, 49¼ bid context.
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