Endo trades higher; Qurate Retail, QVC perk up; global defaults rise; Logan quiets

By Cristal Cody

Tupelo, Miss., Aug. 10 – Endo International plc’s secured and unsecured notes continued to trade higher on Wednesday as the pharmaceutical manufacturer navigates potentially filing for Chapter 11 bankruptcy.

Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured first-lien notes due 2027 (Caa2/CC) added 1 point to trade at 83½ bid, a source said.

In other distressed paper, paper from Qurate Retail Inc. and the home shopping network owner’s subsidiary, QVC Inc., was better in the secondary market.

The 8½% senior debentures due 2029 (B2/B) from Qurate Retail, formerly known as Liberty Interactive Corp., rose ¾ point to 77 bid, a source said.

QVC’s 5.45% senior secured notes due 2034 (Ba2/BB+) were thinly traded on Wednesday at under the 74 bid range, about ½ point better since last week.

Global corporate defaults total 43 after five companies defaulted in July, including Texas-based SK HoldCo LLC, according to a S&P Global Ratings news release.

Logan Group Co. Ltd.’s notes were quiet on Wednesday after softening at the start of the week following the company’s announcement Sunday that it will not make the interest payments on several dollar bonds, a source said.

The 6½% senior notes due 2023 last traded Tuesday at 11 bid, up 2½ points from the prior week.

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