DISH bonds under pressure as market assesses refinancing risk; QVC gains continue

By Abigail W. Adams

Portland, Me., May 8 – The distressed debt space saw a quiet start to the week as the indecision returned to the market following the strong gains of the previous session.

The market was flat to slightly softer on Monday with a fresh inflation print on deck and Congress staring down a default as debt limit negotiations continue.

Few were making moves on Monday as indecision again weighed on risk appetites.

However, earnings-related news continued to drive trading activity.

DISH Network Corp.’s senior notes were in focus following earnings with the notes under pressure in heavy volume as the market questions its ability to address its looming maturities.

DISH’s soon-to-mature 5 7/8% senior notes due Nov. 15, 2024 (B3/B-) sank 1 point to close the day at 80½, a source said. The 7¾% senior notes due 2026 (B3/B-) sank 1 3/8 points to close at 51 3/8. And the 7 3/8% senior notes due 2028 (B3/B-) fell 1 point to close at 44.

QVC Inc.’s senior notes continued their upward momentum after popping on Friday following better-than-expected earnings from its parent company.

The company’s 4.85% senior secured notes due April 1, 2024 and 4.45% senior secured notes due 2025 were active.

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