Weekly Relative Value Update: Retail, Restaurant and Supermarket – 7/24/26

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Weekly Relative Value Update: Retail, Restaurant and Supermarket – 7/24/26

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Weekly Relative Value Update

Retail, Restaurant and Supermarket –

7/24/26

Industry Overview

Company and Industry News 24 July 2026

Albertsons (ACI): Don’t forget the real estate; maintain Marketweight High Yield Credit

United States

Victra News: Verizon 184k net postpaid wireless additions in 2Q26 Retail and Apparel

US Trade Representative imposes Section 301 tariffs

CVS Health (CVS) now filling pet prescriptions

Upbound (UPBD) discloses cybersecurity incident William M. Reuter

Research Analyst

Kroger (KR) and Albertsons (ACI) pharmacists authorize strike (Supermarket News) BofAS

+1 646 855 6363

william.m.reuter@bofa.com

Other recent news summary

Michael DeRienzo

Ratings ResearchBofAS Analyst

+1 646 855 7973

Exhibit 1: BofA High Yield Ratings michael.derienzo@bofa.com

BofA ratings on High Yield Retail issuers’ bonds

Underweight Marketweight Overweight

Carter’s Academy Sports Restaurant Brands Bath & Body Works Lucky Strike

7.375% Sr Notes TL-B 5.75%, 3.875%, 3.5% Sr 5.25%, 7.5%, 6.625%, 7.25% Sr Notes

Kohl’s Advantage Sales Sec'd (1L) Notes, 4.375%, 6.875%, 6.75% Sr Notes Michaels Stores

4.625%, 5.55% Sr Notes 9% Sr Sec’d Notes 4.0%, Sr Sec'd (2L) Notes (Gtd) 6.95%, 7.6% Sr Notes 8.5% 1L Sr Sec’d Notes

Leslie’s Poolmart Albertsons Sally Beauty Bloomin’ Brands 11% 2L Sr Sec’d Notes

TL-B 6.5%, 3.5%, 4.875%, TL-B, 6.75% Sr Notes 5.125% Sr Notes Petco

Nordstrom 5.5%, 5.625%, 6.25%, Torrid Dave & Buster’s 8.25% Sr Sec’d Notes, TL-B

4.0%, 6.95%, 4.375%, 5.75% Sr Notes TL-B TL-B, TL-B Upbound Group

5.0% Sr Notes Crocs Valvoline Guitar Center 6.375% Sr Notes

Papa John's 4.25%, 4.125% Sr Notes; 3.625% Sr Notes 1L 8.5% Sr Sec’d Notes

3.875% Sr Notes TL-B VF Corp

RH Gap 2.8%, 2.95%, 6%,