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Rite Aid paper declines, CDS spreads gap out; DISH lower; Viasat unchanged; Altice up
By Cristal Cody
Tupelo, Miss., Sept. 28 – Rite Aid Corp. continues to remain volatile amid bankruptcy chatter with its junk paper declining and credit default swap spreads gapping out this week.
The 8% senior secured notes due 2026 (Caa3/CCC-/B) were mostly unchanged at 58 bid in thin trading, a source said.
The issue has declined over 3 points this week.
Rite Aid’s CDS spreads moved out more than 11,000 basis points this week.
CDS spreads for cable and satellite operators also widened this week, while bonds in the cable and satellite space remained mostly under pressure in the secondary market, sources said.
DISH Network Corp.’s 7¾% senior notes due 2026 (Caa2/B-) dipped about ¼ point over the day with the issue down over 2 points this week.
The bonds were quoted at 74½ bid in active trading on Thursday.
DISH’s CDS spreads also widened over 100 bps this week.
Viasat Inc.’s 7½% senior notes due 2031 (Caa1/B) went out unchanged a second day at 65 bid, a source said.
Altice France Holding SA’s paper stood out with the bonds seen about ½ point to over 2 points stronger on the day.
The 5¾% senior secured notes due 2029 (B3/B) rallied 2 1/8 points to 81 5/8 bid on over $15 million of trading on Thursday.
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