First Republic down as bank pressure continues; AMC, DISH higher; Qurate Retail drops

By Cristal Cody

Tupelo, Miss., March 29 – First Republic Bank’s notes (B2/BB-/CCC+) gave back gains made at the start of the week.

The 4 3/8% subordinated notes due 2046 (B2/B-) dropped 1¼ points to 51¾ bid on $10 million of trading on Wednesday, a source said.

The notes were down nearly 5 points from Monday.

AMC Entertainment Holdings, Inc.’s and DISH Network Corp.’s distressed paper traded heavily on Wednesday.

AMC’s bonds remained higher over the day after rallying on Tuesday on market chatter of a potential merger with Amazon.com, Inc.

AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) held onto gains from the prior session and added another point to head out at 61¾ bid on more than $15 million of volume, a source reported.

The bonds rallied over 2½ points on $30 million of secondary action on Tuesday.

DISH’s notes were trading about 1½ points to 4 points better on Wednesday.

DISH’s 5¼% notes due 2026 (Ba3/B+) were up nearly 1½ points at 75¾ bid on $31 million of secondary supply on Wednesday, a source said.

Also Wednesday, Qurate Retail Inc.’s 8½% senior notes due 2030 (Caa2/CCC-) sank 4 5/8 points to a quote of 25 3/8 bid on $8.34 million of trading, a source said.

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