| 4/3/2025 | HY | Market Commentary: Corporate paper plunges; Michaels, iHeart in crosshairs; New Fortress Energy sinks
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| 4/2/2025 | HY | Market Commentary: QVC lower; Michaels drops; Diebold Nixdorf on strong streak since 2023 bankruptcy
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| 3/25/2025 | HY | Market Commentary: Michaels higher; Hertz mixed; Bausch distressed bonds decline; stress cracks appear
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| 3/24/2025 | HY | Market Commentary: Michaels bonds rally in heavy supply; markets buzz on tariff cuffs; Hertz positive
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| 3/17/2025 | HY | Market Commentary: Cornerstone Building paper dives; distressed retail lower; QVC declines; Michaels dips
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| 3/6/2025 | HY | Market Commentary: Sunnova moves lower; Michaels softens as retail weakens; Joann starts liquidations
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| 3/3/2025 | HY | Market Commentary: Sunnova Energy bonds slide; Canadian and U.S. retailer Michaels declines; Cumulus soft
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| 2/25/2025 | HY | Market Commentary: Bausch Health notes stronger; Michaels softens in February; distressed trading grows
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| 2/21/2025 | HY | Market Commentary: Big Lots, Joann slim down; Michaels drops; Container Store ‘expensive lesson’
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| 2/14/2025 | HY | Market Commentary: Retailers pressured in 2025; Michaels picks up; Staples secured paper softens on week
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| 2/3/2025 | HY | Market Commentary: Distressed bonds pressured; Michaels paper drops; Herbalife notes decline
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| 1/24/2025 | HY | Market Commentary: New issues draw away distressed bid; Michaels climbs; Gray Media higher; Viasat gains
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| 1/21/2025 | HY | Market Commentary: Gray Media notes extend gains; Michaels notes climb; Walgreens paper pressured
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| 1/15/2025 | HY | Market Commentary: Michaels bonds leap higher; Kohl’s improves; Treasuries rally in ‘good sign’; MPT up
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| 1/13/2025 | HY | Market Commentary: Michaels’ notes up ahead of CEO shuffle; Altice edges higher; Hughes, Gray TV decline
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| 1/10/2025 | HY | Market Commentary: Distressed debt space ends weak soft; ModivCare tumbles; Michaels, Anywhere lower
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| 1/8/2025 | HY | Market Commentary: Retail sector weakens in distressed debt market; Michaels takes a hit; iHeart lower
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| 1/3/2025 | HY | Market Commentary: Michaels secured paper improves; iHeart mostly higher; distressed space gains
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| 12/24/2024 | HY | Market Commentary: Markets get Christmas Eve boost; Staples paper softer in December; Michaels notes slip
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| 12/23/2024 | HY | Market Commentary: Pre-holiday distressed trading slows; Scripps mostly quiets; Michaels holds onto gains
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| 12/20/2024 | HY | Market Commentary: Michaels notes rally on heavy secondary bid; Hertz gains; distressed trading picks up
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| 12/19/2024 | HY | Market Commentary: Distressed paper pressured; Gray TV, Michaels, Bausch lower; private defaults down
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| 12/17/2024 | HY | Market Commentary: Cable, satellite names active; Cox notes quiet; Michaels up; ModivCare lower
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| 12/16/2024 | HY | Market Commentary: Michaels paper steadies; iHeart declines ahead of exchange deadline
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| 12/10/2024 | HY | Market Commentary: E.W. Scripps notes pick up steam in December; Michaels mostly keeps secondary gains
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| 12/9/2024 | HY | Market Commentary: Michaels notes mixed in distressed trading; Telesat paper improves; Gray TV declines
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| 12/6/2024 | HY | Market Commentary: AMC improves as company moves to dilute more shares to pay down debt; Michaels higher
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| 12/5/2024 | HY | Market Commentary: Michaels holds onto gains; iHeartCommunications’ exchange holdout soars; supply cools
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| 12/2/2024 | HY | Market Commentary: Michaels distressed retail bonds climb in heavy Cyber-Monday trading; Nine Energy lower
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| 11/26/2024 | HY | Market Commentary: Michaels distressed paper pops; Newfold Digital Holdings bonds slide; secondary slows
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| 11/15/2024 | HY | Market Commentary: Hertz notes stronger on week; Newfold distressed bonds climb; Michaels paper declines
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| 11/8/2024 | HY | Market Commentary: Gray Media drops; Scripps lower, caps volatile week; Michaels unsecured notes soften
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| 11/6/2024 | HY | Market Commentary: Distressed supply jumps; retail paper mixed; Michaels declines; Qurate notes improve
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| 10/23/2024 | HY | Market Commentary: Spirit Airlines rallies on merger talk; Michaels moves lower; distressed trading slows
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| 10/22/2024 | HY | Market Commentary: Michaels declines across capital stack; Lumen Technologies paper quiets after rally
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| 10/18/2024 | HY | Market Commentary: Spirit Airlines unchanged as company maneuvers refinancing; Michaels lower on week
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| 10/16/2024 | HY | Market Commentary: Michaels down ahead of retail data; Gray notes active, higher; market ‘grinding tighter’
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| 10/15/2024 | HY | Market Commentary: Walgreens bonds active on losses, store closures; Michaels better; Gray paper gains
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| 9/25/2024 | HY | Market Commentary: DISH notes mixed on debt exchange talks; Hughes flat; Sinclair bonds up; Michaels lower
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| 9/17/2024 | HY | Market Commentary: Michaels pressured after quarterly report; DISH mostly holds onto gains; Bausch lower
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| 9/17/2024 | HY | Market Commentary: Alpha Generation joins junk calendar; Royal Caribbean adds; Staples, Michaels lower on earnings
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| 8/30/2024 | HY | Market Commentary: Distressed debt trading slows; Michaels paper climbs; Gray Media lower on week; AMC up
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| 8/15/2024 | HY | Market Commentary: Qurate, QVC bonds lifted; Michaels notes higher on week; Lumen, Level 3 bonds climb
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| 8/1/2024 | HY | Market Commentary: MultiPlan notes slide; Hertz improves; bonds fare better than stocks; Michaels declines
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| 7/30/2024 | HY | Market Commentary: Lumen, Level 3 bonds rally on Corning deal; Michaels declines; distressed index strong
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| 7/15/2024 | HY | Market Commentary: Michaels’ senior notes move up; Hertz continues rally; iHeartCommunications stronger
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| 7/11/2024 | HY | Market Commentary: Hertz on rebound, notes add to gains; Michaels’ notes edge higher; Level 3 climbs
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| 7/10/2024 | HY | Market Commentary: Residio, Vodafone price; Cinemark, Watco hold premium; Ferrellgas gains on refinance chatter
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| 7/10/2024 | HY | Market Commentary: Michaels paper drops on CFO exit concerns; DISH, Hughes notes decline; CSC higher
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| 7/1/2024 | HY | Market Commentary: AMC notes down on meme worries; Michaels edges higher; Diamond Sports mostly unchanged
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| 6/18/2024 | HY | Market Commentary: Fisker bankruptcy no surprise; Michaels slides on weaker retail data; Lions Gate jumps
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| 6/13/2024 | HY | Market Commentary: Altice, CSC distressed notes stronger; Hertz paper softens; Michaels bonds drift lower
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| 4/23/2024 | HY | Market Commentary: CommScope bonds mixed; Michaels stronger; WW paper moves higher; Herbalife notes gain
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| 4/12/2024 | BKDDHY | S&P upgrades Michaels
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| 4/10/2024 | HY | Market Commentary: Bausch bonds lead distressed gains; iHeart steady to weaker; Cumulus Media mostly quiet
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| 4/4/2024 | HY | Market Commentary: 99 Cents quiet on store liquidation; Michaels mostly steady; distressed supply light
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| 4/2/2024 | HY | Market Commentary: Macy’s little changed; Michaels lower; Altice turns positive, subsidiary CSC declines
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| 3/27/2024 | HY | Market Commentary: Altice bonds continue downward streak; Michaels higher; AMC mixed, mostly lower
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| 3/26/2024 | HY | Market Commentary: Altice paper drops ‘like stone’; Michaels climbs; JoAnn soft; Rite Aid bounces higher
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| 3/18/2024 | HY | Market Commentary: Distressed retail paper higher after Joann bankruptcy; Michaels, Staples notes improve
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| 3/12/2024 | HY | Market Commentary: WW International up in distressed trading; AMC flat; Michaels higher on strong interest
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| 3/7/2024 | HY | Market Commentary: Michaels uptrend continues; CommScope diverges, short-duration notes add to gains
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| 2/20/2024 | HY | Market Commentary: Distressed retail names Qurate, QVC, Michaels, Staples mostly up as earnings take focus
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| 1/5/2024 | HY | Market Commentary: CCC-rated credits eyed; AMC Entertainment notes add to losses; Michaels paper active
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| 12/29/2023 | BKCVDDEMHY | Outlook 2024: Higher corporate defaults likely as volatility mounts, default candidates grow
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| 12/12/2023 | HY | Market Commentary: AMC notes improve; Michaels attracts secondary support; iHeartCommunications higher
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| 12/5/2023 | HY | Market Commentary: Distressed private retail in focus; Michaels climbs; Staples gains; WW paper declines
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| 10/16/2023 | HY | Market Commentary: Rite Aid notes decline after bankruptcy filing; Walgreens pressured; Michaels edges up
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| 10/12/2023 | HY | Market Commentary: Rite Aid bonds move higher, CDS spreads gap out; Michaels sheds gains; AMC slips
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| 10/10/2023 | HY | Market Commentary: Rite Aid gains; Michaels improves; AMC bonds climb; distressed returns outpace markets
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| 10/6/2023 | HY | Market Commentary: Michaels paper trades up; DISH bonds on upswing; AMC notes improve
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| 10/5/2023 | HY | Market Commentary: Michaels’ notes slide; QVC, Qurate soften; Rite Aid mostly weaker; DISH on the rebound
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| 10/5/2023 | HY | Market Commentary: Junk primary idles; secondary levels off; Shelf Drilling losses mount; DirecTV lower
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| 10/4/2023 | HY | Market Commentary: DISH bonds mixed in quieter market; Michaels under pressure; QVC flat to lower on day
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| 10/4/2023 | BKDDHY | S&P lowers Michaels to CCC+
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| 9/25/2023 | HY | Market Commentary: AMC notes attract favor; Rite Aid up on bankruptcy reports; Michaels extends weakness
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| 9/22/2023 | HY | Market Commentary: Staples, Michaels bonds trade up on day, lower on week; Lumen one of week’s top gainers
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| 9/19/2023 | HY | Market Commentary: Cano Health paper up in September; Community Health improves; Michaels bonds decline
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| 8/2/2023 | HY | Market Commentary: Carvana higher after exchange launch; Michaels declines in risk-off tone; AMC softens
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| 7/21/2023 | HY | Market Commentary: Distressed retail up; Rite Aid gains; Michaels higher; loan defaults outpace junk
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| 7/5/2023 | HY | Market Commentary: Michaels heads out flat in strong supply; QVC paper gains; Level 3, Lumen notes active
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| 7/3/2023 | HY | Market Commentary: Community Health notes up; Bausch mixed; Michaels dips; QVC down; Staples better
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| 6/27/2023 | HY | Market Commentary: Michaels’ distressed retail notes climb; DISH mostly up; Grubhub bonds decline 2 points
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| 6/27/2023 | HY | Market Commentary: Morning Commentary: New Viking Cruises notes trade higher; Earthstone plans drive-by
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| 6/13/2023 | HY | Market Commentary: AMC, Staples distressed paper stronger; Michaels gains; Community Health, Bausch up
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| 6/12/2023 | HY | Market Commentary: iHeartMedia active; distressed paper from Michaels, QVC, Rite Aid higher; Level 3 gains
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| 6/7/2023 | HY | Market Commentary: Coinbase paper improves; Michaels, Qurate distressed retail up; Lumen, Level 3 stronger
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| 6/5/2023 | HY | Market Commentary: Mallinckrodt higher as company mulls another bankruptcy; Michaels better; Level 3 mixed
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| 4/14/2023 | BKDDHY | Moody’s downgrades Michaels
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| 4/12/2023 | HY | Market Commentary: QVC gains; WeWork sheds points; National CineMedia flat on Chapter 11 filing; AMC rises
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| 4/4/2023 | HY | Market Commentary: Distressed retail mixed in thin trading; QVC, Qurate up; 99 Cents quiet; Michaels slips
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| 1/17/2023 | HY | Market Commentary: Carvana notes flat in active trade; Staples adds to gains; Michaels’ uptrend pauses
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| 1/11/2023 | HY | Market Commentary: Bed Bath & Beyond notes pare losses; Michaels uptrend continues; AMC Entertainment gains
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| 1/3/2023 | HY | Market Commentary: Distressed debt opens year higher; CSC Holdings better; Michaels returns to 68-handle
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| 12/13/2022 | HY | Market Commentary: Distressed retail paper up in heavy supply; Staples, Michaels rally; Avaya slides
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| 10/24/2022 | HY | Market Commentary: Notes from retailers Michaels, Bed Bath Beyond soften; Staples edges up; CineMedia drops
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| 10/14/2022 | CLHY | Market Commentary: Finastra term loan drops on downgrade; Michaels a little weaker with ratings cut
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| 10/14/2022 | BKDDHY | S&P cuts Michaels
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| 9/20/2022 | HY | Market Commentary: Sabra declines; Toledo Hospital softens; Bausch Health paper perks up; Michaels lower
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| 7/25/2022 | HY | Market Commentary: Community Health notes mixed ahead of earnings report; Bed Bath, Party City down
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| 7/20/2022 | HY | Market Commentary: Bed Bath & Beyond notes mostly higher; Michaels paper better on week; Rite Aid improves
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| 7/18/2022 | HY | Market Commentary: Bed Bath & Beyond paper gains on short end; Transocean edges up; Michaels notes lower
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| 7/12/2022 | HY | Market Commentary: Michaels, Ahern mixed off fresh downgrades; Bed Bath active; CHS up; Transocean drops
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| 7/12/2022 | BKDDHY | S&P alters Michaels view to negative
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| 7/12/2022 | BKDDHY | Moody's lowers Michaels
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| 7/6/2022 | HY | Market Commentary: Bath & Body Works, Michaels, Bed Bath & Beyond paper higher; retail under pressure
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| 6/28/2022 | HY | Market Commentary: Morning Commentary: Michaels Stores up post-earnings; junk higher in spotty trading
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| 6/14/2022 | HY | Market Commentary: Qurate Retail, QVC decline; Bed Bath & Beyond soft; Michaels improves; 99 cents flat
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| 5/18/2022 | HY | Market Commentary: Endo bonds mixed on restructuring reports; Michaels paper declines; Triumph notes slip
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| 4/27/2022 | HY | Market Commentary: Distressed retail paper mostly soft; Bed Bath, Staples, Michaels, Rite Aid decline
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| 4/6/2022 | HY | Market Commentary: Michaels declines; Telesat moves lower; Talen trades up; Diamond Sports mostly flat
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| 3/29/2022 | HY | Market Commentary: Junk secondary rallies on cease-fire optimism; EQT upgraded; Nielson jumps on buyout
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| 3/29/2022 | HY | Market Commentary: Michaels higher; Transocean softens; Nine Energy gives back; Envision Healthcare up
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| 3/23/2022 | HY | Market Commentary: Michaels unchanged; Cooper-Standard softens; Lukoil declines; Evergrande, CIFI up
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| 12/14/2021 | HY | Market Commentary: New junk paper arrives as add-ons; secondary soft; Iron Mountain in focus; Michaels under pressure
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| 6/29/2021 | HY | Market Commentary: Starwood prices; MidCap flat; HCA ‘buying frenzy’ continues; Michaels active
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| 4/12/2021 | HY | Market Commentary: TransDigm, Midwest Gaming price; calendar balloons; Michaels holds premium; CEC gains
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| 4/9/2021 | HY | Market Commentary: Primary sells $3.1 billion; Michaels in focus; EnVen, WASH, Organon, News Corp. at premiums
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| 4/9/2021 | HY | New Issue: Michaels prices downsized $2.15 billion notes in two tranches
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| 4/8/2021 | HY | Michaels sets price talk, covenant changes in downsized $2.15 billion notes offer, pricing Friday
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| 4/8/2021 | CLHY | Market Commentary: Organon, Michaels, One Call break; Quikrete, Russell Investments, ImageFirst disclose talk
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| 4/8/2021 | HY | Michaels sets price talk, covenant changes in $2.3 billion two-part notes offer, pricing Friday
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| 4/6/2021 | HY | Market Commentary: Century Aluminum, TMS, Uniti price; Royal Caribbean, Goodyear improve; energy gains
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| 4/5/2021 | HY | Market Commentary: Organon, Century Aluminum on tap; Ingram Micro at a premium; Weight Watchers, Certera flat
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| 4/1/2021 | HYLM | Michaels to redeem $875 million 8%, 4¾% notes due 2027
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| 4/1/2021 | HY | Michaels sets Monday investor call for $2.3 billion notes backing buyout by Apollo
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| 4/1/2021 | BKHY | Moody's rates Michaels loan Ba3, notes Ba3, B3
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| 3/31/2021 | BKHY | S&P rates Michaels loan B, notes CCC+
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| 3/30/2021 | CLHY | Market Commentary: Virgin Pulse, MyEyeDr., W.R. Grace break; Belfor revised; Atlantic, City Brewing accelerated
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| 3/16/2021 | BKHY | Michaels plans $3.1 billion credit facilities, $2 billion of notes
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| 12/3/2020 | BKBWHY | Michaels aims for 3x leverage after debt refinancing, paydown in Q3
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| 9/17/2020 | CLHY | Market Commentary: Aveanna, Wabash, Michaels, Pactiv break; Netsmart, PCI, Barrette, Hyland, Ellucian set talk
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| 9/17/2020 | HY | New Issue: Michaels prices downsized $375 million 4¾% seven-year senior notes
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| 9/17/2020 | HY | Michaels downsizes offering of seven-year notes to $375 million, sets talk in 4 7/8% area
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| 9/17/2020 | HY | Michaels driving by with $500 million seven-year secured notes; whisper 5¼%-5½% area
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| 9/17/2020 | BKDDHY | S&P gives Michaels notes B+
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| 9/9/2020 | CLHY | Market Commentary: RCN Grande updates talk; Cablevision Lightpath sets guidance; calendar continues to build
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| 9/9/2020 | BKDDHY | S&P rates Michaels loan B+
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| 6/4/2020 | BKBWHY | Michaels draws $600 million on revolver, then pays back $300 million
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| 3/26/2020 | BKDDHY | S&P lowers Michaels
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| 3/17/2020 | BKBWHY | Michaels keeps cash on its balance sheet, intends to preserve money
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| 12/11/2019 | BKHY | S&P downgrades Michaels
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| 9/11/2019 | BKHY | S&P shifts Michaels’ view to negative
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| 6/17/2019 | BKHY | S&P rates Michaels notes B
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| 6/17/2019 | HYLM | Michaels Stores eyes calling 5 7/8% subordinated notes due 2020
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| 7/18/2017 | BKHY | Moody’s rates Michaels Stores Ba2
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| 3/15/2017 | BKHY | S&P upgrades Michaels
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| 7/15/2016 | BKHY | Moody’s upgrades Michaels
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| 6/27/2016 | BKHY | S&P lifts Michaels view to positive, ups loans
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| 7/21/2015 | BKHY | Moody's upgrades Michaels
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| 4/6/2015 | HYLM | Michaels to redeem all $180.85 million of 7½%/8¼% PIK toggle notes
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| 4/2/2015 | BKHY | S&P upgrades Michaels
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| 11/10/2014 | HYLM | Michaels plans redemption of 7½%/8¼% PIK toggle notes on Dec. 10
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| 6/30/2014 | HY | S&P assigns B CCR to Michaels
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| 6/27/2014 | HYLM | Michaels to redeem $439 million of 7½%/8¼% PIK toggle notes
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| 12/20/2013 | HYLM | Michaels to redeem part of 71/2%/81/4% PIK toggle notes with IPO proceeds
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