Trading thins; Bed Bath Beyond notes active; Carvana bonds decline; Lumen lower

By Cristal Cody

Tupelo, Miss., Feb. 17 – Bed Bath & Beyond Inc. and Carvana Co.’s paper saw some of the most active secondary trading on Friday in the distressed space.

Overall market and secondary activity stayed light on Friday ahead of the long holiday weekend, sources reported.

Bed Bath & Beyond’s 5.165% senior notes due 2044 (C/D) rose ¼ point to 10¼ bid as one of the day’s most active distressed issues on more than $7 million of volume, a source said.

The issue was down more than 5 points on the week.

“It’s deflated a little bit,” a source said.

Carvana’s 10¼% senior notes due 2030 (Caa2/CCC) gave back 2¼ points over the session on $5 million of trading after the company’s stock target price got a bump from Wells Fargo & Co. and the company priced an asset-backed securitization offering.

The issue went out at 55¼ bid on $5 million of secondary volume, a source said.

Lumen Technologies, Inc.’s 4½% notes due 2029 (B2/B+) stayed under pressure on Friday and were ending the week about 6 points softer.

The notes were 1 5/8 points lower on Friday at 51¾ bid on about $3.5 million of trading, a source said.

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