Bain’s South Africa Retailer Bonds Signal Overhaul Needed
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Edcon Holdings Pty Ltd. bondholders are signaling the South African retailer needs a debt overhaul.
Yields on the clothing merchant’s callable June 2019 euro-denominated notes jumped to a record 69.6 percent today, climbing more than 25 percentage points over the past three months, according to data compiled by Bloomberg. The 425 million euros ($500 million) of bonds issued in November 2013 are the worst performing of all high-yield corporate securities this year, the data show.