Coinbase’s New Junk Bonds Sink to Fresh Lows Amid Crypto Rout

A selloff in crypto is dealing another blow to Coinbase Global Inc.’s junk bonds, which already rank among the worst-performing new issues of recent months.

The rocky trading since last week’s debut continued on Monday, with Coinbase’s longer-dated 2031 tranche that pays 3.625% interest falling to as low as 95.75 cents on the dollar, before retracing some of the lost ground. Volume is also high, implying that some accounts such as hedge funds are flipping the bonds, traders and investors told Bloomberg.

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