Bausch Health bonds active; Avaya uptrend continues; At Home notes move lower

By Abigail W. Adams

Portland, Me., June 3 – Several distressed credits were active on a red day for risk assets as investors reassess the Federal Reserve’s rate hike schedule on the heels of a stronger-than-expected U.S. non-farm payrolls report.

CCC credits were again under pressure with recession chatter again driving down risky credits, particularly in the retail space.

Ambience Merger Sub, Inc.’s (At Home Group, Inc.) 7 1/8% senior notes due 2029 (Caa1/CCC+) were down in active trading although there were still buyers for the notes.

At Home’s 7 1/8% senior notes due 2029 declined to around 67½ heading into the market close with a yield of 14.6%.

Staples Inc.’s 10¾% senior notes due 2027 also fell although in lighter volume.

While the market was weaker on Friday, ETF buying after strong inflows continued, providing support to certain credits.

Bausch Health Cos. Inc.’s junk bonds remained active although with little movement in price.

Avaya Holdings Corp.’s 6 1/8% senior notes due 2028 (B2/B+) continued on their strong uptrend despite the weakness in the market with refinancing chatter alleviating previous concerns about the company’s short-term maturities.

The 6 1/8% senior notes added another 3 points to close the day at 80 with a yield of 10½%.

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