DISH notes weaken in active trade; Community Health bonds gain steam in secondary

By Abigail W. Adams

Portland, Me., March 8 – The distressed debt space closed the week as it began – quietly.

While volumes remained thin with few making moves as markets await the Fed’s next move, the tone continued to firm with the market seeing the latest non-farm payrolls report as a positive, a source said.

With the topical trades that drove activity earlier in the week fading, large liquid issues were largely responsible for driving volumes in the space.

DISH DBS Corp.’s senior notes were weaker in active trade on Friday.

The notes have been in focus since parent company EchoStar Corp. issued a going-concern statement on Feb. 29 and stated it did not have enough cash on hand to cover the 5 7/8% notes maturing on Nov. 15, 2024.

However, DISH DBS’ debt stack was mixed in response to the news with some tranches posting gains as the company actively works to secure the necessary financing.

Community Health Systems Inc.’s senior notes continued their upward momentum on Friday after seeing a strong uptrend over the past two weeks.

The 6 1/8% senior secured second-lien notes due 2030 (Caa3/CCC-) added another ½ to 1 point. They were wrapped around 66 in the late afternoon, according to a market source.

The notes have gained 6 points over the past week and a half.

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