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DISH Network notes gain in trading; AMC paper under pressure; Staples climbs higher
By Abigail W. Adams
Portland, Me., Jan. 4 – The distressed debt space remained soft on Thursday after a heavy start to the year with investors fleeing weak credits ahead of an expected economic downturn.
The S&P U.S. High Yield Corporate Distressed Bond index’s year-to-date return was already negative 1.47% after a 0.89% decline on Wednesday with losses outpacing the broader market.
While the space remained soft on Thursday, selling pressure moderated with buyers returning for certain credits, a source said.
DISH Network Corp.’s senior notes (Caa2/B-) were on the rise in heavy volume after a mixed response to the completion of the DISH/EchoStar merger earlier in the week.
DISH’s 7¾% notes due 2026 added about ½ point to close at 68¾, and the 5 1/8% senior notes due 2029 added ¼ point to close at 49¼.
Staples Inc.’s senior notes were also lifted in active trade on a strong day for the retail sector.
The 10¾% senior notes due 2027 (Caa2/CCC) added ¼ to ½ point to close at 72¾, and the 7½% senior secured notes due 2026 (B3/B) added ½ point to close the day wrapped around 93.
However, AMC Entertainment Holdings, Inc.’s senior notes were under pressure as stock plunged to a new record low with the company’s viability again in doubt.
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