Companies hard-hit by the pandemic rushed to raise debt last month, encouraged by the Federal Reserve's intervention to support the credit market. But for some of the riskier names, those bond offerings have quickly curdled.
) are trading around 80 cents on the dollar, a 20 point fall in the two months since they were issued, the data showed.
Multiple investors including Graff said that these companies would be unlikely to qualify for the Fed’s primary-market bond buying program, which is limited to investment-grade companies and those recently downgraded for investment grade to the first tier of junk. Mallinckrodt, Clear Channel and AMC are rated deep into junk territory: AMC is rated in the triple-C category, one notch above default, by both S&P and Moody’s; Mallinckrodt is also triple-C-rated by S&P, though Moody’s has withdrawn the rating; and Clear Channel is rated B- by S&P and B3 by Moody’s, a step above triple-C.
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