DISH bonds mixed in quieter market; Michaels under pressure; QVC flat to lower on day

By Cristal Cody

Tupelo, Miss., Oct. 4 – Some distressed bonds saw a turnaround out of the gate on Wednesday after Tuesday’s heavy sell-off but remained under pressure and went out steady to weaker.

Volatility in DISH Network Corp.’s bonds receded somewhat after heavy selling on Tuesday sent the bonds down about 2 points or more, a source said.

DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) stayed modestly weaker near the 68¾ bid area on more than $15 million of volume.

DISH’s 5 1/8% notes due 2029 (Caa2/B-) were up about ½ point around 51½ bid on over $8 million of activity on Wednesday.

Distressed retail names stayed mostly under pressure with bonds from Rite Aid Corp. and Michaels Cos., Inc. lower, a source said.

Michaels’ 7 7/8% senior notes due 2029 (Caa2/CCC-) had declined about ½ point but recovered by the close to head out unchanged at 63½ bid following a downgrade from S&P Global Ratings.

QVC Inc.’s 5.45% senior secured notes due 2034 (B2/B-/B+) dove 2 points over the session before going out flat at 41¾ bid in light trading, a source said.

The issue gave back about 1¾ points in Tuesday’s sell-off.

QVC’s 4¾% notes due 2027 fell over 1 1/8 points to 58 5/8 bid by the close.

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