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DISH lower; AMC gives back some gains; iHeartMedia paper, CDS soften; Mallinckrodt up
By Cristal Cody
Tupelo, Miss., June 23 – Overall distressed bond trading supply thinned Friday with stocks lower and interest rate hike expectations growing, according to market sources.
DISH Network Corp.’s 5 7/8% senior notes due 2024 (B3/B-) had the most action by the afternoon on $7.5 million of trading, a source said.
The notes were down more than ¼ point at the 86¾ bid area.
AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) gave back 1½ points on Friday in light trading after adding 2 1/8 points in the prior session, a source said.
The notes were quoted at 71 bid on $2.5 million of volume.
iHeartMedia, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) also were among the most active distressed names trading on $6 million of volume Friday, a source said.
The notes were modestly softer at the 63¾ bid range.
iHeartMedia’s credit default swaps spreads widened nearly 300 basis points this week.
Mallinckrodt plc’s 11½% first lien senior secured notes due 2028 (Caa1/CCC+) traded about 4½ points better as one of the week’s biggest gainers, according to a BofA Securities research note on Friday.
The notes were ending the week around 84 bid on $13 million of secondary action.
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