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Distressed retail mixed in thin trading; QVC, Qurate up; 99 Cents quiet; Michaels slips
By Cristal Cody
Tupelo, Miss., April 4 – The day’s news was centered on former U.S. president Donald Trump’s arrest and his not-guilty plea to 34 felony charges, while the financial markets ignored much of the noise and priced bond deals in both the high-grade and junk spaces Tuesday.
Distressed paper was edging up in lighter trading, sources said.
Paper from QVC Inc. and parent Qurate Retail Inc. improved about ¼ point to ½ point.
QVC’s 5.45% senior secured notes due 2034 (B2/B-) rose ½ point to 39 bid.
Qurate Retail’s 8½% senior notes due 2029 (Caa2/CCC-) added ¼ point to 26¾ bid.
99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/CCC) were quiet Tuesday and remained soft in the low 40s after the notes were downgraded during the session.
99 Escrow Issuer Inc.’s 7½% senior secured notes due 2026 (Caa2/CCC) were last seen trading a week ago on a 41 bid handle, according to a market source.
Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) traded about ¼ point softer at 69¾ bid in thin activity Tuesday, a source said.
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