QVC rallies on heavy volume; Qurate improves; DISH softens; bankrupt CineMedia bonds up

By Cristal Cody

Tupelo, Miss., April 13 – QVC Inc.’s bonds shot to the top of the most active junk and distressed issues trading on Thursday with the paper gaining about 3 points to more than 7 points.

The company’s 4 3/8% senior secured notes due 2028 (B2/B-/B+) rallied over 3 points to a 55 bid handle on $23.9 million of volume, a source said.

Parent Qurate Retail Inc.’s 8½% senior notes due 2029 (Caa2/CCC-) were quoted up 2½ points at 30¼ bid.

The company’s credit default swap spreads came in nearly 400 basis points this week.

DISH Network Corp.’s paper was mixed on Thursday on about $15 million of trading action, a source said.

DISH DBS Corp.’s 7 3/8% senior notes due 2028 (B3/B) were off about 1 point at 54½ bid on $3.4 million of volume.

The company’s CDS spreads eased almost 60 bps this week.

National CineMedia LLC’s 5 7/8% senior secured notes due 2028 (Ca/D) saw gains after trading mostly flat following the issuer’s Chapter 11 bankruptcy filing this week.

National CineMedia’s notes picked up 2½ points to head out at 32½ bid, a source said.

Meanwhile, the global corporate default total rose to 37 after 14 defaults in March, S&P Global Ratings said Thursday.

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