DISH junk bonds pricing pushed to Monday; Ford back at par; Carvana breakdown continues

By Abigail W. Adams

Portland, Me., Nov. 4 – The domestic high-yield Friday primary market session was quiet with no new deals announced and the new paper expected for to price delayed until Monday.

DISH Network Corp. was slated to price its $2 billion offering of five-year non-call-two-year senior secured notes (Ba3/B+) on Friday but pricing was pushed back until Monday with the deal undergoing covenant changes.

The secondary space was turbulent on Friday following the U.S. nonfarm payroll report, which gave a mixed picture of the economy – a trend with the economic indicators shaping Central Bank policy.

While job growth was greater than anticipated, the unemployment rate also came in higher than expected.

The market was strong early in the session with cash bonds rising as much as ½ point.

However, selling took hold as the trading day progressed and the cash bond market closing largely unchanged.

However, Ford Motor Credit Co. LLC’s 7.35% senior notes due 2027 (Ba2/BB+/BB+), the only deal to clear the primary market during the week, eliminated its losses from the past two sessions and jumped back to par.

However, Carvana Co.’s capital structure continued to break down after disappointing earnings with its 10¼% senior notes due 2030 (Caa2/CCC) sinking double digits in heavy volume.

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