Junk reverses course, gains on Friday; DISH pares losses in volatile week; DirecTV lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 6 – The junk bond new issue market remained idle, as expected, ahead of the extended Columbus Day holiday weekend which got underway following Friday’s close.

Meanwhile, it was a topsy-turvy day in the secondary space following the release of the U.S. non-farms payroll report which reflected stronger job growth than anticipated.

While the market sold off early as Treasury yields shot to fresh heights, buyers emerged midsession and lifted the market into the close.

The CDX index went from a ½ point loss to a ½ point gain by the close.

In activity, DISH DBS Corp.’s 7¾% senior notes due 2026 (Caa2/B-) continued to pare losses on the week in heavy volume as DirecTV Holdings LLC and DirecTV Financing Co. Inc.’s 5 7/8% senior secured notes due 2027 (Ba3/BB) moved lower.

News that AT&T was considering options for its 70% stake in DirecTV sparked renewed interest in DISH with renewed speculation of a merger between the two entities.

GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay remained active on Friday although the notes largely leveled off.

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