DISH rallies; AMC declines; Coinbase drops; Rite Aid improves; iHeart paper lower

By Cristal Cody

Tupelo, Miss., July 6 – DISH Network Corp.’s and AMC Entertainment Holdings, Inc.’s paper attracted the bulk of distressed secondary interest on Thursday.

DISH’s 5 1/8% senior notes due 2029 (B3/B-) went out more than 1 point higher and trading with a high 47 bid handle on more than $16 million of notes changing hands, a source said.

Meanwhile, AMC’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) shed ¾ point to 70¼ bid on nearly $15 million of trading supply during the session, a source said.

Coinbase Global, Inc.’s 3 3/8% senior notes due 2028 (B1/B) also fell close to 2 points to a 64 bid handle on more than $12 million of notes traded, according to a market source.

Rite Aid Corp.’s 7.7% senior bonds due 2027 (Ca/CCC-/CC) traded around 26¾ bid on $4 million of secondary supply on Thursday but were little changed so far in July, a source said.

Rite Aid’s credit default swap spreads came in this week by nearly 1,700 basis points after gapping out more than 2,000 bps last week.

iHeartCommunications, Inc.’s 8 3/8% senior notes due 2027 (Caa1/B-) traded down more than 1 point to around 65½ bid on $7.2 million of volume on Thursday, a source said.

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