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DISH bonds, equity sink on quarterly losses; QVC, Qurate Retail notes continue gains
By Cristal Cody
Tupelo, Miss., Nov. 6 – Junk and distressed debt issues widely softened with secondary trading tempered by an extremely busy primary market in both the high-grade and high-yield markets on Monday.
But one name stood out after reporting weak earnings at the start of the day.
DISH Network Corp.’s paper slid as much as 10½ points in heavy secondary trading.
DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) gave back 10½ points to a quote of 59¾ bid on $11.84 million of volume, a source said.
DISH’s most active issues included the 5 7/8% senior notes due 2024 (Caa2/B-), which slid over 8 points to 84¼ bid on $41.73 million of trading.
DISH’s stock plunged over 37% on Monday.
Meanwhile, bonds from QVC Inc. and parent Qurate Retail Inc. continued to climb after finishing Friday about 5 points to 7 points better on stronger earnings results, a source said.
QVC’s 4 3/8% senior secured notes due 2028 (B2/B-) traded more than 2¾ points higher with a 63 bid handle on $6.26 million of supply.
Qurate Retail's 8¼% senior notes due 2030 (Caa2/CCC-) were up 1 point at 32 bid on $3.46 million of volume, a source said.
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