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DISH bonds jump in heavy trading; WeWork paper sinks; WW up; Diebold Nixdorf soft
By Cristal Cody
Tupelo, Miss., Aug. 9 – Distressed trading slowed Wednesday in light summer activity, while DISH Network Corp. paper attracted the bulk of trading in the junk space with more than $217 million of paper traded, sources reported.
DISH’s 5¼% senior secured notes due 2026 (B2/B) rallied 5 points to 61 bid on $19 million of volume.
WeWork Inc.’s notes treaded deep into the distressed space on about $7.8 million of trading after diving from Tuesday’s levels.
“It wasn’t great to begin with,” a trader said. “Doesn’t seem people giving them much hope.”
The 7 7/8% senior notes due 2025 (CCC/C) were quoted at 6 bid, 8 offered, down from 31 bid, 33 offered on Tuesday.
WW International Inc.’s 4½% senior secured notes due 2029 (B3/B) were up about 1½ points from Friday at 66½ bid, 67½ offered, a trader said.
Some of Diebold Nixdorf Inc.’s notes remained in the single digits after the company announced plans to exit Chapter 11 bankruptcy by the week’s end.
The company’s “junkiest one” was the 8½% senior notes due 2024 that were quoted at 3½ bid, 4½ offered, a source said.
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