DISH jumps on wireless reports; Tenet Healthcare active in junkland; Hilton in demand

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 2 – The junk bond new issue market came yawning into the summer of 2023, with only two issuers, bringing a tranche apiece, raising just $538 million during the holiday-abbreviated post-Memorial Day week.

Meanwhile, it was a strong day in the secondary space on Friday with a potential government default in the rearview, the Federal Reserve signaling a pause at its June meeting, strong earnings and a nonfarm payrolls report alleviating recession concerns.

The cash bond market added ½ point with the CDX index up 5/8 point, sources said.

With strong inflows over the past two sessions, ETFs were buyers and lifted the broader market.

There was some selling into the rally with real money accounts “taking advantage of the move in some names,” a source said.

However, the market ended the session near the highs of the day.

DISH Network Corp.’s senior notes were among the largest benefactor of the rally with topical news and ETF buying lifting the notes 1 to 2 points.

Tenet Healthcare Corp.’s 6¾% senior secured first-lien notes due 2031 (B1/BB-/BB-) were active with the notes sought after in Friday’s buying spree.

Hilton Worldwide Holdings Inc.’s 3 5/8% senior notes due 2032 (Ba2/BB) gained more than 1 point in heavy volume as accounts added to their positions.

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