DISH notes trade lower in heavy volume; QVC downtrend continued; AMC paper falls

By Abigail W. Adams

Portland, Me., March 7 – It was a heavy day in the distressed debt space after Federal Reserve chair Jerome Powell sank the market’s recently renewed risk-on sentiment with comments about larger-than-expected rate increases.

While the market tone was heavy with few buyers in the space, the S&P U.S. High Yield Corporate Distressed Bond index continued to log gains with the index up another 0.57%.

QVC Inc.’s senior notes remained in focus with the negative market sentiment pushing the notes, which have been on a strong downtrend since the previous week, lower.

QVC’s 4 3/8% senior secured notes due 2028 (Ba3/B+) sank another ½ point to close the day at 49½, according to a market source.

The 4.45% senior secured notes due 2025 (Ba3/B+) were off another 1 point to close at 74¾.

DISH Network Corp.’s senior notes saw heavy volume with its short-duration notes off as much as 1 point despite a surge in the company’s stock.

AMC Entertainment Holdings, Inc.’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) also fell more than 1 point on a heavy day for the market.

The 7½% notes were off 1 point to close the day at 61½, according to a market source.

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