DISH Network notes higher; Bath & Body Works improves; Bed Bath & Beyond trades down

By Cristal Cody

Tupelo, Miss., July 21 – DISH Network Corp.’s notes traded about ¼ point to more than 3 points better on Thursday, though the company’s paper remains soft.

DISH is now considered among the largest or most distressed names with more than $11.7 billion of debt, according to a BofA Securities, Inc. note.

“Some of the bonds are yielding over 14%,” a source said.

The company’s notes were among the most active distressed names seen trading on Thursday on more than $60 million of secondary volume, a source said.

DISH DBS Corp.’s 5¼% senior secured notes due 2026 (Ba3/B+) traded at 84 bid, up about 2½ points on heavy supply of nearly $25 million.

DISH’s 5 1/8% senior notes due 2029 (B3/B) picked up ½ point to trade at 63½ bid and yielding 13.4% on $6 million of volume on Thursday.

In the retail space, Bath & Body Works, Inc.’s 6 7/8% senior notes due 2035 (Ba2/BB) rose ¼ point to 87¾ bid, a source said.

Bed Bath & Beyond Inc.’s 3.749% senior notes due 2024 (Caa3/B-) mostly held onto Wednesday’s gains, going out down 1¼ points at 45¼ bid, a source said.

Distressed returns climbed midweek with S&P U.S. High Yield Corporate Distressed Bond index up more than 1% on Wednesday.

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