DISH down in heavy trading; Rite Aid up after earnings report; Bed Bath & Beyond drops

By Cristal Cody

Tupelo, Miss., April 20 – DISH Network Corp.’s paper came under pressure on Thursday on heavy secondary action.

DISH DBS Corp.’s 5 7/8% senior notes due 2024 (B3/B) declined 1½ points to 80¾ bid on more than $24 million of volume before recovering some ground to go out down 1 3/8 points at 80 7/8 bid on more than $25 million of trading, a source said.

The issue is down nearly 3 points this week and about 8 points since March.

The company’s credit default swap spreads widened more than 200 basis points for the week ended Wednesday.

Rite Aid Corp.’s notes gained on Thursday, while the drug retailer’s stock dropped nearly 10% after the company reported fiscal year 2023 fourth-quarter and full-year losses.

Rite Aid’s 8% senior secured notes due 2026 (Caa3/CCC-/CCC) rallied about 2 points to a 50 bid handle on $5.5 million of trading, a source said.

Rite Aid’s CDS spreads moved out this week to more than 6,000 bps.

Bed Bath & Beyond Inc.’s paper was down more than 1 point on Thursday with the shorter-dated tranche bearing the brunt of the day’s losses following news reports of an impending Chapter 11 bankruptcy filing, according to a market source.

The 3.749% senior notes due 2024 (C/C) fell 2¼ points to 8 bid.

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