Hertz Rental Car Bonds Slide to Record Lows Amid Travel Woes

Hertz Global Holdings Inc. notes continue a slide to record lows as travel restrictions amplify concerns about the rental car company’s ongoing operations and available liquidity.

• Hertz 5.5% unsecured notes are among the top decliners in the U.S. high-yield market on Thursday, according to Trace bond trading data
  • HTZ 5.5% notes fall nearly 9 cents on the dollar to low of 56
  • Yield pushes to ~21% at 12:42 p.m. in New York
• “Hertz’s liquidity toolkit will be heavily tested by the duration of travel weakness spurred by the coronavirus,” Bloomberg Intelligence’s Joel Levington wrote in a note Wednesday
  • Hertz will ...