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Distressed retail names Qurate, QVC, Michaels, Staples mostly up as earnings take focus
By Cristal Cody
Tupelo, Miss., Feb. 20 – Junk and distressed retail paper mostly gained on Tuesday on a wave of earnings reports expected after the long Presidents Day weekend.
Qurate Retail Inc. and subsidiary QVC Inc. rode the wave higher over the session.
Qurate Retail's 8¼% senior notes due 2030 (Caa2/CCC-) traded over ¼ point better at around 55 bid, a source said.
QVC’s 5.95% notes due 2043 (B2/B-) rose 1½ points to 62½ bid and were edging away from the distressed space with a yield of 10.55%.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC-) improved over ½ point on a 60 bid handle, a source said.
Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC) were trading Tuesday over 10 points higher since early December at 78½ bid, a source said.
“This week we get a better read on the U.S. consumer when retail reports start to trickle in, starting with Walmart and Home Depot on Tuesday,” Christine Short of Wall Street Horizon said in a note. “Retail sales for January were also released last week, showing a dip of 0.8% MoM, the largest drop in nearly a year.”
The S&P Retail Select Industry index, comprised of stocks spread across retail sectors including apparel, automotive, computer, drugs and food, finished Friday down 0.61% but up 7.18% month to date.
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