DISH extends secondary gains; Venator up following Chapter 11 filing; defaults climb

By Cristal Cody

Tupelo, Miss., May 16 – DISH Network Corp.’s paper continued to climb on Tuesday in heavy secondary supply with some of the bonds among the most active distressed paper during the session.

DISH’s bonds were seen anywhere from about ¼ point to about 1½ points better, a source said.

The 7¾% senior notes due 2026 (B3/B-) have gained nearly 3 points so far this week and were yielding close to 31%.

DISH’s 5¼% notes due 2026 (Ba3/B) went out up ¼ point at 76¼ bid on Tuesday in heavy secondary action that topped $18 million, a source said.

Venator Materials plc’s bonds were higher on Tuesday in light distressed trading following the company’s Chapter 11 bankruptcy filing, a source said.

The 9½% senior secured bonds due 2025 (Ca/CCC) gained 2 points to 60 bid on $2.25 million of volume.

Venator’s 5¾% senior notes due 2025 (C/CC) were quoted at 12¼ bid on $5 million of paper turning over.

Separately, global defaults increased to 50 as of April 30 after adding 13 defaults in the prior month, S&P Global Ratings reported Tuesday.

“The tally is more than 75% higher than the same period in 2022 and 25% higher than the 10-year average,” S&P said.

The U.S. trailing-12-month speculative-grade corporate default rate is forecast to reach 4¼% by March 2024.

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