First Republic Bank paper down; Rite Aid, WeWork notes hold onto gains; QVC declines

By Cristal Cody

Tupelo, Miss., April 18 – Earnings reports, including from major and regional banks, swamped market news on Tuesday with secondary action in the distressed space mostly light, sources reported.

A lot of paper across the high-grade and junk markets already has retraced the wides from March following the collapse of Silicon Valley Bank and other banks, though “bank spreads continue to lag,” according to a BofA Securities analysts note.

First Republic Bank’s 4 3/8% subordinated notes due 2046 (B2/B-) declined nearly 1¼ points to 40¼ bid on Tuesday and were quoted down about 12 points from a week ago.

Rite Aid Corp.’s paper remained stronger during the session. The 7½% senior secured notes due 2025 (Caa3/CCC-) held onto Monday’s gains of 1½ points and added 3½ more points on Tuesday to head out at 64½ bid, a source said.

WeWork Inc.’s 7 7/8% senior notes due 2025 (CC) also held onto Monday’s gains of 3 points and added more than 3 points on Tuesday to a quote of 46¼ bid.

QVC Inc.’s 4 3/8% notes due 2028 (B2/B-) were among the most active distressed issues seen trading over the session on $4.4 million of volume, a source said.

QVC’s 4 3/8% senior secured notes due 2028 (B2/B-/B+) fell more than 1 point to a print of 52.969.

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