Issuers who might need additional liquidity in the coming year might use Bed Bath and Beyond as a data point. It might suggest moving early and being highly risk averse in securing liquidity – even if this is expensive.

Bed Bath and Beyond pulled its exchange offer yesterday after too few noteholders supported the measure. The firm has taken some measures to improve its liquidity position, but these look like they might be too small to save the firm. Bed Bath and Beyond raised $375m from Sixth Street Partners in August, and has previously extended its bonds.

The firm is now considering filing for bankruptcy protection.