DISH selling continues, restructuring eyed; Atlas Air, Weatherford lower in junkland

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 24 – The dollar-denominated junk bond primary market was dormant on Friday, the 16th consecutive session since the last dollar deal was priced, according to a bond trader who added that the present run of inactivity in the primary market is just one day shy of the one that took place during the Covid shutdown in March 2020.

Meanwhile, the secondary space closed a volatile week with a heavy tone with the cash bond market falling 3/8 to ½ point as credit spreads continued to widen.

High-yield credit spreads hit their widest of the year on Friday with the ICE BofAML US High Yield index spread to worst hitting 537 basis points.

Few were making moves on Friday although there was some selling in weaker credits, a source said.

DISH Network Corp.’s capital structure continued to take a hit as market players speculate the company may need to undergo a restructuring to meet its short-dated maturities.

Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, hit a new all-time low on Friday with the notes falling to a 90-handle.

Weatherford International Ltd.’s 8 5/8% senior notes due 2030 (B3/CCC+) were lower in active trade with the notes giving back some of their gains from the past three sessions.

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