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Distressed trading thins; DISH improves; Bed Bath & Beyond moves lower; Staples flat
By Cristal Cody
Tupelo, Miss., June 30 – DISH Network Corp.’s bonds traded about ½ point higher in the most active distressed name seen Friday on volume totaling under $10 million, a source said.
DISH DBS Corp.’s 7¾% senior notes due 2026 (B3/B-) headed into the weekend up nearly ½ point and trading on a 61 bid handle.
The issue was among the most active distressed bonds during the session on $9.4 million of volume.
“It’s very quiet,” a source said.
Overall junk trading was on the light side with fewer distressed issues active as desks thinned by lunch ahead of next week’s early market close on Monday and Independence Day holiday on Tuesday.
Bankrupt Bed Bath & Beyond Inc.’s bonds remained active in the distressed space following the company’s sale of some of its assets on Tuesday and Thursday, a source said.
Bed Bath & Beyond’s 5.165% senior notes due 2044 declined ¾ point to 1¼ bid on $1 million of bonds changing hands on Friday.
Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) traded flat at 58 3/8 bid in one of the day’s more active distressed issues, a source said.
The bonds saw $6.8 million of activity.
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