QVC notes lower; Bausch Health, Community Health up; WeWork improves; Talen softens

By Cristal Cody

Tupelo, Miss., April 14 – QVC Inc.’s paper soured a bit on Friday after climbing about 3 points to more than 7 points on Thursday.

QVC’s 4.45% senior secured first-lien notes due 2025 (B2/B-/B+) declined around 1¼ points to 75¾ bid, a source said.

In distressed health care, Bausch Health Cos. Inc.’s 11% senior secured notes due 2028 (Caa1/CCC+/B) were quoted up 1 point at 78½ bid on $5 million of trading.

Community Health Systems Inc.’s 6 1/8% notes due 2030 (Caa2/CCC-) also traded more than 3 points better on a 65 bid handle, a source said.

Fitch Ratings said Friday the high-yield trailing 12-month default rate finished March at 1.8%, up 20 basis points from 1.6% in February 2023.

Fitch noted that WeWork Inc., which also announced a distressed debt exchange, “should contribute to May’s defaults.”

WeWork’s 7 7/8% senior notes due 2025 (CC) traded around 1½ points higher on a 43 bid handle but were going out about 8 points lower on the week, a source said.

Bed Bath & Beyond Inc. is “not looking so good,” as the company seeks additional funding to ward off filing for Chapter 11, a market source said.

Meanwhile, Talen Energy Corp.’s bonds rallied at the start of the week but were finishing down more than 3 points ahead of Tuesday’s expiration of a common equity rights offering, sources said.

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