Staples in focus, secured notes drop; Bausch Health active; Lion’s Gate paper rises

By Abigail W. Adams

Portland, Me., Sept. 13 – The broad distressed debt space was relatively flat on Wednesday with the latest piece of inflationary data failing to provide clarity on the Fed’s path forward.

While the report came largely in line with expectations, the core PCI increase of 0.3% came as a surprise to a market expecting a more modest 0.2%.

The data did little to revise market expectations for a pause in hikes in September, although debate remains about future hikes in November and December, a source said.

With the continued macro uncertainty, topical news remained the driver of activity in the space with Staples Inc.’s senior notes squarely in focus.

The notes surged on Tuesday after the company posted preliminary results.

While active on Tuesday, the notes were mixed with the unsecured tranche leveling off as the secured notes pulled back.

Bausch Health Cos., Inc.’s notes (Caa1/CCC+) were active although largely unchanged on the day as unrestricted subsidiary Bausch + Lomb Corp. markets an offering.

Lions Gate Entertainment Corp.’s 5½% senior notes due 2029 (B3/CCC+) were on the rise in active trade after a private equity firm lifted its share holdings.

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