September 24, 2019 / 5:38 PM / a month ago

WeWork bond price bounces in choppy trading after CEO to step down

NEW YORK (Reuters) - The price of WeWork’s 7.875% junk bond 96208LAA9= bounced in choppy trading after co-founder Adam Neumann agreed to resign as chief executive of the U.S. office-sharing company, people familiar with the matter told Reuters on Tuesday.

The bond was last trading about at 94.825 cents on the dollar, according to MarketAxess, almost 1 cent higher than it had traded prior to the Reuters report. Following the news, the bond initially fell as low as 93.010 cents on the dollar, but reversed that move in subsequent trading. It was last down approximately 2% on the day.

According to Refinitiv’s Eikon, which shows a composite price, it was last trading at 93.5 cents on the dollar from 94.75 cents earlier Tuesday.

Reporting by Kate Duguid; Editing by Chizu Nomiyama and Lisa Shumaker

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