DISTRESSED DAILY: Redfin Converts Suffer Amid Housing Slowdown

The rapidly cooling US housing market has hit Redfin Corp.’s convertible bonds.

The real estate broker’s no-coupon convertible bonds due 2025 have slumped alongside Redfin’s stock. The notes, issued in 2020, trade at 57 cents on the dollar, according to Trace. They’re eligible to be converted to equity at around $72.51 a share. Redfin’s stock closed on Thursday at $7.24, down 81% this year.

Another slug of the company’s convertible debt due in 2027 pays a coupon of 0.5% and slumped more than 12 cents to 44 cents on Thursday. That bond, issued last year, carries a conversion price of ...