QVC improves; First Republic, Huntington Bancshares soften; Home Point Capital rallies

By Cristal Cody

Tupelo, Miss., April 10 – Retail and financial paper continued to remain in distressed cross-hairs with a downgrade on Friday from Kohls Corp., though trading stayed mostly quiet in the first post-Good Friday holiday session.

QVC Inc.’s paper stayed active with the bonds about 1½ points to 2 points better on more than $6 million of notes changing hands, a source said.

QVC’s 5.95% senior secured notes due 2043 (B2/B-/B+) added 1½ points to head out at 38½ bid on $3 million of trading.

First Republic Bank’s 4 3/8% subordinated notes due 2046 (B2/B-) softened about 1 point to a 53 bid handle in thin activity, a source said.

Huntington Bancshares Inc.’s 5.7% series E fixed-to-floating rate non-cumulative perpetual preferred stock (Baa3/BB+) dropped more than 1¼ points to the 85½ bid area on $1 million of trading on Monday.

Elsewhere, Home Point Capital Inc.’s 5% senior notes due 2026 (Caa1//CCC+) rallied 4 points to 78 5/8 bid on $10 million of secondary action on Monday in one of the most active distressed issues traded, a source said.

Distressed health care paper stayed soft over the session, sources said.

Community Health Systems Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC-) declined 2 points to 60¼ bid on $4.6 million of activity.

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