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DISH bonds dip, CDS spreads gap out; Qurate, QVC better; Rite Aid declines; AMC up
By Cristal Cody
Tupelo, Miss., March 9 – DISH Network Corp.’s credit default swap spreads gapped out more than 1,300 basis points this week, while its bonds were “not too bad” in heavy secondary trading Thursday, a source said.
The 7 3/8% senior notes due 2028 (B3/B) softened to 66 bid, 66½ offered from 67 bid, 67½ offered on Wednesday.
Qurate Retail Inc.’s bonds saw gains in light trading, while the distressed company’s CDS spreads moved out more than 400 bps this week, market sources said.
The company’s 8¼% notes due 2030 (B3/CCC) rose 2½ points to 38 bid on $2 million of volume.
Subsidiary QVC Inc.’s 4 3/8% senior secured notes due 2028 (Ba3/B+) improved more than 1 point to around the 48¾ bid area.
Rite Aid Corp. continued to stay under pressure.
Rite Aid’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) declined to 49½ bid, 50½ offered from 51 bid, 52 offered the previous day.
One of the most active distressed names traded Thursday was AMC Entertainment Holdings, Inc., sources said.
AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were quoted at 53½ bid, 54½ offered.
Outside of the usual distressed names, SVB Financial Group’s 4% split-rated perpetual securities (Baa3/BB) dropped 8¾ points to 64¾ bid on nearly $16.5 million of trading, a source said.
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