WeWork's bonds plummet to record low after company pulls its IPO

WeWork's 7.875% notes maturing in 2025 tumbled to a record low of 85.067 cents on the dollar on Monday after the company said in its latest S-1 filing that it would pull its initial public offering. The company's new co-CEOs, Artie Minson and Sebastian Gunningham, said: "We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong." The bond's sell-off came after S&P Global cut WeWork's credit rating further into junk territory last week. Read...