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QVC, Qurate notes rally after upbeat earnings post; bank paper, preferreds rebound
By Cristal Cody
Tupelo, Miss., May 5 – Home shopping network QVC Inc.’s notes rallied on Friday after parent Qurate Retail Inc. reported higher first-quarter earnings.
QVC’s 5.45% senior secured notes due 2034 (B2/B-) climbed by as much as 6 points early Friday before pulling back slightly to head out 4 points better on the day at 46¾ bid, a source said.
Qurate Retail’s 8½% notes due 2029 also improved about 2 points to 2½ points over the session, going out 2½ points better at 33¼ bid.
Regional bank paper and shares gained on Friday after the Labor Department reported that 253,000 jobs were added in April, much higher than the forecasted 185,000 increase.
First Republic Bank’s 4 3/8% subordinated notes due 2046 (C/B-) were up about ½ point around the 1¾ bid area in thin trading, a source said.
Western Alliance Bancorp’s 3% notes due 2031 (Ba1) were last seen on the rebound with a 60 bid handle after sinking nearly 20 points on Wednesday and Thursday.
Western Alliance’s stock also surged 49.23% by the close.
PacWest Bancorp rebounded with its 7¾% perpetual preferred stock (//B) climbing 31.25% on the day to $8.19.
The KBW Regional Banking index saw positive gains on Friday, going out up 4.68% at 82.38.
The SPDR S&P Regional Banking ETF also was up 6.29% at $38.35 by the day’s end.
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