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Bombardier’s 2028 Unsecured Notes Set New Low, Yield Pierces 11%

May 20, 2022, 6:57 PM

Bombardier’s 6% unsecured 2028 bonds fall as much as 2.5 cents on the dollar to 78 cents, setting another intraday record low and pushing the yield deeper into double-digit territory. The bonds, which debuted back in August and traded at par as recently as January, have lost ground almost every day since the start of April.

  • The decline pegs the yield at ~11%, with a total return of minus 17% so far this year
  • The notes are rated CCC+ by S&P and Caa1 by Moody’s
    • In a report earlier this week, Bloomberg Intelligence analyst Matthew Geudtner said “pressure on ...