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Qurate down in November, CDS spreads ease; Rite Aid mixed; Carnival paper softens
By Cristal Cody
Tupelo, Miss., Nov. 17 – Qurate Retail Inc. was among distressed names with credit default swap spreads wider on the week.
CDS spreads from the company widened more than 70 basis points for the past week ended Wednesday.
The home shopping network owner’s 8½% senior debentures due 2029 (B2/B-) have climbed 3½ points since Monday but remain down more than 10 points since the end of October. The issue went out Thursday around 50¾ bid, a source said.
Rite Aid Corp.’s 7½% senior secured notes due 2025 (B3/CCC-/CCC) fell ¾ point to 73 bid in light trading on Thursday, a source said.
The retailer’s CDS spreads tightened more than 200 bps this week.
CDS spreads from both Carnival Corp. and Royal Caribbean Group came in over the week, while the cruise line operators’ junk paper softened Thursday, according to market sources.
Carnival’s CDS spreads firmed nearly 400 bps in the past week ended Wednesday.
Carnival’s 6% notes due 2029 (B3/B) dropped more than 1 point to around 70 bid on Thursday on $15.85 million of volume.
Royal Caribbean Cruises Ltd.’s CDS spreads were 100 bps tighter over the week.
Royal Caribbean’s 9¼% notes due 2029 (B3/B+) were seen Thursday trading down ½ point.
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