Qurate, QVC paper declines; Community Health mixed following downgrades; trading slows

By Cristal Cody

Tupelo, Miss., March 2 – Bonds from QVC Inc. and parent Qurate Retail Inc. continued to mostly soften on Thursday following the release of a weak earnings report.

QVC’s 4.45% senior secured notes due 2025 (Ba3/B+) traded down 1¾ points to 76¼ bid on nearly $15 million of volume as one of the most active distressed names seen during the session, a source said.

QVC’s 4 3/8% senior secured notes due 2028 (Ba3/B+) traded flat at 52 bid on $7 million of volume.

Qurate Retail’s 8½% senior debentures due 2029 (B3/CCC) slid to a handle in the 30s during the session after shedding 5 points on Wednesday.

“Only two issues have traded – the 29s and the 30s,” a source said. “The 29s were down 2 points.”

Qurate Retail’s 8¼% notes due 2030 (B3/CCC) were last seen down 1 point at 37 bid on about $9 million of volume.

Community Health Systems Inc.’s paper was mixed in light trading following downgrades from Moody’s Investors Service and S&P Global Ratings, a source said.

The 6 7/8% senior notes due 2029 (Caa2/CCC) rose ½ point to 71½ bid on $4 million of supply on Thursday.

While the day saw fairly positive gains as volatility waned, market activity was lighter.

“It was a little bit slow,” a trader said.

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