DISH paper gains in busy trading; Global Aircraft up; Qurate higher; defaults climb

By Cristal Cody

Tupelo, Miss., Oct. 17 – DISH Network Corp.’s junk notes and paper flirting with distressed yields improved about 3/8 point to more than 1½ points as one of the more active names traded on Monday.

DISH DBS Corp.’s 7 3/8% senior notes due 2028 (B3/B) were ½ point better at 70¾ bid and yielding nearly 15¼% on $12.74 million of volume, a source said.

Global Aircraft Leasing Co., Ltd.’s paper also was strongly traded over the day, a source said.

The company’s 6½% notes due 2024 (B1) improved 1 point to 79¾ bid on more than $12 million of volume.

QVC Inc. parent company Qurate Retail Inc.’s 8½% senior debentures due 2029 (B2/B-) rallied more than 3 points in one of the more active distressed names seen trading on Monday on $3.2 million of secondary volume.

Qurate Retail’s 8½% senior debentures due 2029 (B2/B-) issued by Liberty Media Corp. went out at the 64 bid area, a source said.

Meanwhile, the year-to-date default total now has surpassed 2021’s year-to-date level, according to a S&P Global Ratings report on Monday.

September saw eight defaults over the month, half of which were from Europe.

“We estimate that the U.S. and European trailing-12-month speculative-grade corporate default rates reached 1.6% and 1.4%, respectively, in September,” S&P said.

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