Hughes Satellite improves; DISH mostly declines; AMC softens; Altice trades lower

By Cristal Cody

Tupelo, Miss., April 3 – Bonds from EchoStar Corp. subsidiaries Hughes Network Systems, LLC and DISH DBS Corp. picked up renewed interest on news the company rolled out a new satellite service.

Hughes Satellite Systems Corp.’s 6 5/8% senior notes due 2026 (Caa3/CCC-) climbed over 1¼ points Wednesday to 59½ bid, a source said.

DISH DBS’ notes were mixed with the 5¼% notes due 2026 (Caa1/CCC) down ½ point at 77¾ bid.

Altice France Holding SA’s 10½% senior notes due 2027 (Ca/CCC-) traded down ¾ point to 37¾ bid after gaining over 2 points Tuesday, a source said.

The slide in Altice’s bonds is expected to have a wide impact, including on CLOs, according to a BofA Securities note released Wednesday.

“CLO manager exits out of higher priced CCC into HY bonds and other lower priced B- loans is likely to continue as they seek to contain the impact of further downgrades/defaults,” BofA said.

Overall market tone was mostly stronger following strong job data and comments from Federal Reserve chair Jerome H. Powell that tightening the monetary policy rate is anticipated this year.

Pimco said in its six-12 month outlook report released Wednesday that it expects the “the Fed to start normalizing policy at midyear.”

Elsewhere, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) traded about 2¾ points lower on the week at around 74¾ bid.

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