Mattel better after earnings report; DISH higher as Sprint, T-Mobile merger approved

By James McCandless

San Antonio, July 26 – The distressed debt space ended the week focusing on names with earnings-related news.

Mattel, Inc.’s longer-term notes improved after the company released a stronger-than-expected earnings report.

The 5.45% senior notes due 2041 picked up 3½ points to close at 83½ bid. The 6.2% notes due 2040 rose 1 point to close at 86½ bid.

After the close on Thursday, the El Segundo, Calif.-based toy manufacturer released its second-quarter earnings.

Pay-TV name DISH Network Corp.’s issues moved higher as the company stands to benefit from the approved merger of wireless names Sprint and T-Mobile.

The 2.375% senior notes due 2024 gained ½ point to close at 93½ bid.

Sector peer Frontier Communications Corp.’s paper slid.

The 10½% senior notes due 2022 shaved off ¾ point to close at 64¼ bid. The 11% paper due 2025 dropped ¼ point to close at 60 bid.

Meanwhile, Diebold Nixdorf, Inc.’s notes tapered off of a positive run in the wake of its second-quarter earnings and new financing news.

In utilities, PG&E Corp.’s issues declined a day after the company said it would pay billions into a new wildfire insurance fund.

Oil futures saw small gains, though California Resources Corp., Ensco Rowan plc and Southwestern Energy Co.’s paper diverged.

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