>The firm currently has a Ba3 rating on the corporate family, which is three notches below investment grade. It has a Ba2 rating on the bonds, one notch higher.
That's not a good rating but does debt in that range usually trade for 50% face value?
Coinbase's 2031 notes are rated Ba2 and are trading at about a 13% yield. As a point of comparison, Murphy Oil USA also has Ba2 2031 notes with comparable coupon that are trading only at about a 6% yield.