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DISH notes in focus, trade mixed post-merger; Office Properties paper under pressure
By Abigail W. Adams
Portland, Me., Jan. 2 – The distressed debt space opened 2024 with a soft tone after outperforming all other fixed income asset classes in 2023.
The S&P U.S. High Yield Distressed Bond index closed 2023 with a 24% return, almost double the 13% returns of the broader high-yield market.
However, the market was soft on Tuesday with trading activity muted in a slow return from the holiday weekend in the United States.
DISH Network Corp.’s senior notes were in focus following the completion of the DISH/EchoStar merger.
While the company’s soon-to-mature 5 7/8% senior notes due Nov. 15, 2024 (Caa2/B-) edged higher, its longer-duration notes were flat to lower.
The 5 7/8% notes added about ½ point to trade firmly on a 94-handle.
DISH’s 7¾% notes due 2026 were largely unchanged with the notes trading in the 69 3/8 to 69 5/8 context.
Office Properties Income Trust’s 4½% senior notes due 2025 (Caa1/CCC+) were under pressure in active trade with market sources predicting pain for the commercial real estate market in 2024.
The notes fell about ½ point to close the day at 78¼.
The yield was about 29½%, according to a market source.
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